Teens & Taxes Video & Quiz

What type of tax is generally paid by both the employee and employer?

• Income tax

• Payroll tax

• Property tax

• Sales tax

Which tax is progressive, meaning the rate increases as your income gets higher?

• Sales tax

• Payroll tax

• Excise tax

• Federal income tax

What is NOT typically subject to sales tax?

• Prepared foods

• Basic groceries

• Artwork

• Soda

What happens if you miss the tax day deadline?

• You receive a bonus

• You pay less tax

• You might have to pay more money

• Your taxes are forgiven

What is the purpose of deductions when doing your taxes?

• To increase your taxable income

• To reduce your taxable income

• To pay more in federal taxes

• To register for tax evasion

What is the total percentage for payroll tax?

• 10%

• 8.25%

• 15.3%

• 7.65%

Which of the following is a direct consequence of not paying your taxes?

• Getting a tax credit

• Receiving a tax refund

• Earning a tax deduction

• Facing jail time or a fine

What is the added percentage of sales tax in the example given for buying artwork?

• 10%

• 8.25%

• 15.3%

• 7.65%

What type of tax might you pay when buying soda along with your food?

• Income tax

• Property tax

• Payroll tax

• Excise tax

What agency is responsible for collecting federal taxes and carrying out the Internal Revenue Code?

• NSA

• FBI

• IRS

• CIA