Federal Taxes Quiz

What services do federal taxes help support?

• Social Security, healthcare, national defense

• Road repair, private schools, personal loans

• International travel, private healthcare, luxury goods

• Personal savings, private investments, entertainment

What is a W-4 form used for?

• To determine tax deductions

• To apply for a loan

• To register to vote

• To enroll in college

What is a standard deduction?

• A flat rate deduction per person

• A percentage of income

• A deduction for business expenses

• A deduction for travel costs

What is the role of the IRS regarding tax returns?

• To audit filings and compare W-4 forms

• To provide loans for businesses

• To offer investment advice

• To manage personal savings accounts

What are property taxes usually based on?

• Assessed value of the home

• Annual income

• Number of residents

• Square footage of the property

What is an itemized deduction?

• Deductions for interest on loans and charitable donations

• A flat rate deduction per person

• A deduction for travel expenses

• A deduction for entertainment costs

What is the main difference between salary and wage work?

• Salary work pays a set amount, whereas wage work pays based on the number of hours you work.

• Salary work pays hourly, whereas wage work pays monthly.

• Salary work is for part-time jobs, whereas wage work is for full-time jobs.

• Salary work is for temporary jobs, whereas wage work is for permanent jobs.

What are two ways that you can earn income without working?

• Interest and investments

• Salary and wages

• Overtime and bonuses

• Commissions and tips

What is the main purpose of a W-4 form?

• To calculate federal tax withholdings

• To apply for a new job

• To receive a paycheck

• To report income to the IRS

Which of the following is a type of income mentioned in the document?

• Investments

• Overtime

• Bonuses

• Commissions

Tags

CCSS.7.RP.A.3