Personal Finance | Topic 5 Income & Taxes Quiz

Match the following Tax Forms

• W-4

• • I am completed every April

  • Form used to File your taxes

• I-9

• • I am received whenever you start a job

  • You use me to prove that you are eligible to work in the U.S.

  • You must provide forms of identification when submitting me

  • Used in Identify Verification

• W-2

• • I am received in January

  • There is one of me for every job you work

  • You can tell how much you earned and how much you paid in taxes by reading me

• 1040

• • I am received whenever you start a job

  • You list information about yourself and your family on me

  • I determine how much money gets taken out of each paycheck

• 1099

• • I am received in January

  • You get me if you are not an employee but were paid by a company

  • You can also get me for other types of income, such as gains and losses in brokerage accounts, dividend and interest payments, and more

  • You probably didn’t get taxes withheld if you got me, so you may have a big tax bill coming up

Which of the following is NOT a type of Income

• Earned Income

• Passive Income

• Portfolio Income

• Gift Income

Which of the following are included in FICA

• Federal Income Tax

• State Income State

• Social Security Tax

• Medicare Tax

What date is Tax Day?

• January 31st

• April 15th

• April 1st

• December 25th

a report that a taxpayer has to submit annually to the government and is used to determine a person's tax liability

• Gross Income

• Net Income

• Tax Credit

• Tax Return

the amount you earn before taxes and other payroll deductions

• Earned Income

• Net Income

• Taxable Income

• Gross Income

what a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay

• Net Income

• Earned Income

• Gross Income

• Gross Profit

any income (wages/salary) that is generated by the work someone performs

• Gross Income

• Earned Income

• Portfolio Income

• Taxable Income

the portion of an employee's pay held back to cover taxes and other deductions

• Fixed Spending

• Budgets

• Deductions

• Withholding

How much is the gross pay?