Payroll and Tax Quiz

Payroll and Tax Quiz

12th Grade

10 Qs

quiz-placeholder

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Payroll and Tax Quiz

Payroll and Tax Quiz

Assessment

Quiz

Business

12th Grade

Hard

Created by

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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