Tax Quiz

What is the name of the form that you complete when starting a new job to determine the amount of federal income tax to be withheld from your paycheck?

• 1040-EZ

• W-9

• W-4

• 1099-MISC

What is the name of the form that your employer gives you each year that shows how much you have earned and how much you have paid in taxes?

• 1040-EZ

• W-2

• 1099-MISC

• W-4

What is the name of the form used to report your annual income and calculate the amount of tax you owe?

• W-9

• 1040

• W-2

• 1099-INT

What is the term for the amount of money that an employer subtracts from an employee's salary for tax purposes?

• Reduction

• Subtraction

• Withholding

• Exemption

What is the term for an individual who is financially supported by another taxpayer for more than half of their expenses?

• Beneficiary

• Dependent

• Subordinate

• Applicant

What is the name of the tax deducted from your salary that contributes to the retirement funds of senior citizens?

• State income tax

• Healthcare tax

• Social security tax

• Federal income tax

What is the name of the tax deducted from your paycheck that contributes to the health insurance of the elderly?

• state income tax

• medicare

• federal income tax

• social security

What type of tax is primarily used to fund public schools and local services, and is levied on homeowners?

• sales tax

• property tax

• income tax

• excise tax

What type of tax is levied on the sale of goods and services, and varies from state to state?

• estate tax

• sales tax

• income tax

• corporate tax

Which form will you need to file income taxes if you have a savings account that earns interest?

• 1099-INT

• Form 1040

• W-2

• W-4