Taxes--Consumer Ed

A gift tax is owed by the person who receives the gift

• True

• False

Most property taxes are based on the value of land and buildings owned

• True

• False

Taxpayers are responsible for filing a tax return by ______ of each year.

• January 31

• April 15

• May 5

• July 4

Contributions to charity may be tax deductible

• True

• False

If too much income tax was withheld from your pay during the year, you will get some of it back as a tax _______.

• Refund

• Payment

• Return

• Deficit

The largest percentage of federal government revenue comes from...

• Social Security

• State tax

• Personal Income Tax

• Property Tax

By January 31, your employer will send you Form _______ showing your total earnings for the year and the total amount of taxes withheld.

• W-4

• W-2

• 1040

• 1099

Form _____ must be filled out by new employees so that the employer can deduct the correct amount of tax from pay.

• w-4

• w-2

• 1040

• 1099

Form _____ is sent by a bank to those who were paid interest on their savings.

• W-2

• W-4

• 1099(int)

• 1040

A tax _____ provided in the tax instruction booklet can use be used to determine how much income tax you owe for the year.

• form

• table

• bracket

• file