Unit 8 Review

President Lincoln introduced which tax or amendment to collect 3% of a person's income that earned annually more than $800 to support the civil war?

• 16th amendment

• revenue tax

• sales tax

• income tax

You are an employee of CCA. On which form will your employer have to report your earnings?

• Form W-2

• Form 1099

• PA-40

• Form 1040

You are a Door Dash who is self-employed. On which form will the company have to report your earnings?

• Form W-2

• PA-40

• Form 1040

• Form 1099

You received a 1099-NEC for your work last year. What is the MINIMUM you made at this job?

• $300

• $600

• $1000

• $2000

Which of these is NOT TRUE in both situations: being self-employed versus being an employee of a company?

• Employers MUST withhold taxes.

• Employers must send tax forms to you by January 31.

• You will receive a tax form if you earned more than $600.

• Fair compensation.

Would you get a refund, owe money, or come out even to the government in the following scenario?

• You were liable for $3,960 in taxes

• You had $3,000 withheld.

• Refund

• Owe

• Neither refund nor owe

What is the current tax rate for Pennsylvania?

• 3.07%

• 3.7%

• 5.0%

• It's a progressive tax based on income.

Your taxable income is $60,000. Your filing status is single. How much tax is owed on this amount? Fill in Step 1: Subtracting the standard deduction. (a)   - ​ (b)   = ​ (c)  

• $60000
• $13850
• $46150

In the last question, we found the taxable income amount to be $46150. Fill in the blanks for Step 2: Finding the tax. $ (a)   +​ (b)   *(​ (c)   -​ (d)   )=​ (e)  

• $5147
• .22
• $46150
• $44725
• $5460

Based on your W-2 listed below, what number would you fill in to line 1a in the Form 1040 to the left?

Box 1: Wages = $58,500.07

Box 2: Federal income tax withheld = $5,231.24

• $58,500

• $58,500.07

• $5,231.24

• $5,231