Payroll and Tax Quiz

Quiz
•
Business
•
12th Grade
•
Hard
KELLY R TEAKELL
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
FICA taxes include:
social security tax
withholding allowances
local tax
commission
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Line 5 on Form W-4 describes "total number of allowances" as:
allowance
payroll taxes
withholding allowances
net pay
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is an example of a required employer deduction?
healthcare
life insurance
retirement plans
social security
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The amount of money that tax calculations are based on is called:
social security income
liability income
taxable income
itemized deductions
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which form is used for a corporation filing taxes?
form w-4
form 1120
form 1040A
form 1040
6.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Define the term 'tax credit'.
A deduction from the total amount a taxpayer owes to the state
A direct reduction in tax liability, not dependent on the taxpayer's tax rate
An indirect method of reducing taxes through various exemptions
A governmental incentive designed to encourage economic growth
7.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
Define the term 'pay stub'.
A document an employee receives listing payment details
A type of tax form
A digital payment method
A financial planning tool
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