Understanding Taxes And Your Paycheck

Understanding Taxes And Your Paycheck

8th Grade

21 Qs

quiz-placeholder

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Understanding Taxes And Your Paycheck

Understanding Taxes And Your Paycheck

Assessment

Quiz

Life Skills

8th Grade

Hard

Created by

Kevin Burrows

FREE Resource

21 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are taxes?

A) A voluntary contribution to the government

B) Required payments of money to governments for public goods and services

C) A one-time fee for citizenship

D) Payments for personal debts

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a common type of tax?

A) Income tax

B) Payroll tax

C) Sales tax

D) Entertainment tax

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What can a tax deduction do to your taxes?

A) Increase the amount of tax you owe

B) Have no effect on your taxes

C) Reduce the amount of tax

D) Eliminate the need to pay taxes

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can a tax credit affect a taxpayer's situation?

A) It always increases the amount of tax owed

B) It can either reduce the tax owed or increase the refund

C) It has no impact on the amount of tax or refund

D) It is only available to businesses, not individuals

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How are income taxes most commonly collected from employees?

A) Through direct payment to the government at the end of the year

B) By withholding from their paycheck

C) Through a one-time payment at the start of employment

D) Employees are not required to pay income taxes

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does FICA stand for?

Federal Income Contributions Act

Federal Insurance Contributions Act

Financial Insurance Contributions Agency

Fiscal Insurance Company Act

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is responsible for paying payroll taxes?

Only the employer

Only the employee

Both the employer and the employee

Neither the employer nor the employee

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