Taxes and Income Quiz

What is the largest source of revenue for the federal government?

• Property tax

• Medicare

• Sales tax

• Income tax

What is the amount of earnings made over a month before any deductions?

• Gross annual income

• Net annual income

• Net monthly income

• Gross monthly income

What is the primary source of local government income?

• Property tax

• Sales tax

• Income tax

• Social Security

What is the tax on earnings from wages, salaries, tips, interest, rents, and capital gains and dividends from stocks?

• Sales tax

• Property tax

• Income tax

• Medicare

What is the social insurance program that extends health coverage to almost all Americans age 65 and over?

• Medicare

• FICA

• Social Security

• IRS

What is the estimated amount of tax that is withheld from wages and deposited with the IRS?

• Sales tax

• Income tax

• Property tax

• Medicare

What is the tax on a property's value, including homes, cars, commercial buildings, and factories?

• Sales tax

• Property tax

• Income tax

• Social Security

What is the amount of monthly income remaining after all deductions have been taken?

• Gross annual income

• Gross monthly income

• Net monthly income

• Net annual income

What is the tax on items such as household items and restaurant food?

• Property tax

• Sales tax

• Income tax

• Medicare

What is the tax on items not taxed called?

• FICA

• IRS

• Taxable

• Tax-exempt