10.2 Quizizz Income and Taxes

What is earned income?

• Income from investments

• Income from renting property

• Income generated by work performed

• Income from selling stocks

Which of the following is considered passive income?

• Dividends from stocks

• Rent from a property you own

• Interest from a savings account

• Salary from a job

What is the federal minimum wage?

• The highest amount an employee can be paid per hour

• The smallest amount employers can legally pay per hour

• The average wage paid to employees

• The wage paid to salaried employees

What is portfolio income?

• Income from government benefits

• Income from investments and asset sales

• Income from passive activities

• Income from wages and salaries

What is the purpose of Form W-4?

• To determine tax withholdings from pay

• To report annual income

• To file for unemployment benefits

• To apply for a job

What happens if too much tax is withheld from your paycheck?

• You have to file a new W-4 form

• You pay a penalty

• You receive a tax refund

• You owe the government money

Which type of income requires little to no effort to maintain?

• Earned income

• Passive income

• Wage income

• Portfolio income

What is a paper asset?

• A physical asset like real estate

• A representation of stocks, bonds, etc.

• A government-issued bond

• A type of earned income

What is the downside of earned income?

• It is only available to salaried employees

• It requires no effort to maintain

• It stops when you stop working

• It is not taxed

What should you do if too little tax is withheld from your paycheck?

• Request a tax refund

• Pay a penalty immediately

• File a new W-4 form

• Ignore it until tax season