Tax Unit Test REVIEW

Tax Unit Test REVIEW

9th - 12th Grade

29 Qs

quiz-placeholder

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Tax Unit Test REVIEW

Tax Unit Test REVIEW

Assessment

Quiz

Business

9th - 12th Grade

Practice Problem

Hard

Created by

Ali Shelley

Used 2+ times

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29 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

1. Mandatory government spending includes which of the following?

Infrastructure and science
Social Security and Medicare
Healthcare and military
Education and agriculture

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

2. What does the term "withholding" mean in reference to your paycheck?

The amount of your paycheck that you are NOT being taxed on
How much you are going to owe the government when you file your annual tax return
How much you earn and includes salary, bonus and commissions
How much is being taken out of your paycheck for things like taxes, employer sponsored health insurance, and retirement

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

3. When do you start paying income taxes?

When you turn 18
When you get a full-time job (part-time does not count)
When you make more than the minimum income requirement
When you are notified by the IRS that you are required to pay federal income taxes

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

4. Why is it important to be extremely careful when completing your 1040 form?

Making a mistake will disqualify you from receiving future refunds
The 1040 form determines whether you owe additional taxes or are entitled to receive a refund from the government
Completing the 1040 incorrectly will mean the wrong amount of taxes will be withheld from your paychecks going forward
Mistakes on your 1040 form make you ineligible for employment during the next year

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

5. Select the type of tax system that best fits the following description: “High income earners pay a higher percentage of their income in taxes than low income earners.”

Progressive
Regressive
Proportional
Redistributive

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

6. You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for taxes?

W-4
W-2
I-9
1040

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

7. Which statement correctly describes taxable income?

Taxable income is the sum of all income a person earns
Taxable income is always equal to or greater than a person's gross income
Taxable income is gross income minus deductions and exemptions
Taxable income includes all personal expenses and investments

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