Financial Math: Federal Income Tax
Authored by Jeff Da Moude
English
9th - 12th Grade
CCSS covered
Used 2+ times
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35 questions
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1.
MATCH QUESTION
1 min • 4 pts
Match the following federal forms with their purpose.
proves you are eligible to work in the United States
W-4
reports all of your income, deductions, credits, and tax liability
1040
reports all the wages earned by an employee in a year
I-9
tells your employer how much to hold out of your paycheck in Federal withholdings
W-2
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The W-4 form is completed by an individual when he or she first starts a new job. What does this form help to determine?
The amount of money an individual should receive in income
The amount of money that should be returned for paying too much in taxes.
The amount of money that should be withheld in federal taxes.
The amount of money that should be withheld in state taxes.
Tags
CCSS.7.RP.A.3
3.
DROPDOWN QUESTION
1 min • 1 pt
Citizens who are not required to file income taxes, may still file to ensure that they will receive a (a) if they paid too much in taxes throughout the year.
Tags
CCSS.8.EE.C.7B
4.
DROPDOWN QUESTION
1 min • 1 pt
Employers supply a (a) to help citizens file their tax return.
5.
DROPDOWN QUESTION
1 min • 1 pt
Tax returns can be filed either by mail or (a)
Tags
CCSS.HSA.CED.A.3
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The ______is a specific dollar amount that reduces the amount of income on which you are taxed based on your filing status.
itemized deduction
refundable credit
standard deduction
nonrefundable credit
Tags
CCSS.7.RP.A.3
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Instead of using a standard deduction, you may opt to base your deduction amount directly on your actual spending on specific allowed expenses. This is known as using________.
itemized deductions
refundable credits
specific deductions
nonrefundable credits
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