Tax Forms and Deductions Quiz

A can of soda can have a different price in different cities, why does this happen?

• Cost of the product

• Cost of taxes

• customer’s choice

• Cost of labor

Tax imposed on retailers selling items to purchasers.

• Employment tax

• Income tax

• Sales tax

• Luxury tax

Which government entity receives the sales taxes?

• Federal government

• FICA

• State and Local government

• Internal revenue service

Sales taxes money may be used for ______________.

• Building or repairing

• Public services

• Paying for social security benefits

• Building or repairing federal buildings

The form you will have to fill out in order to have your taxes calculated correctly on your paycheck is the _________. ( Hint: form filled when you are hired)

• 1099-INT

• W-2

• 1040

• W-4

This federal form is used to reconcile your federal taxes?

• W-2

• 1040

• W-4

• 1099-INT

The tax form provided by your employer at the end of January summarizing your wages and taxes withheld is the _________________.

• 1099INT

• W-2

• 1040

• W-4

Rosa has a savings account at Chase and TCF Bank. The form she will receive summarizing the interest she earned is the ____________.

• 1099INT

• W-2

• 1040

• W-4

If Juan works at 2 different places, how many W2s will he receive?

• One

• Two

• Three

• Four

Jan works at Portillo’s and at Ace Hardware. Jan will receive ______________.

• A tax form from Portillo’s

• A tax form from Ace Hardware

• One combined tax form with information from both Portillo’s and Ace Hardware

• One tax form from Portillo’s and one from Ace Hardware.