What is the primary purpose of income tax?

2F: Factors that Impact Income

Quiz
•
Financial Education
•
9th Grade
•
Medium
Jonnalyn Shimko
Used 7+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To fund public services and government operations
To encourage savings
To penalize high earners
To reduce inflation
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which IRS form is typically used by individuals to file their annual income tax return?
Form 1040
Form W-2
Form 1099
Form 940
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between gross pay and net pay?
Gross pay is after taxes, net pay is before taxes
Gross pay includes bonuses, net pay does not
Gross pay is before deductions, net pay is after deductions
Gross pay is the same as net pay
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is considered a deduction from gross pay?
Base salary
Bonus
FICA
Gross pay
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does FICA stand for?
Federal Insurance Contributions Act
Federal Income Collection Agency
Financial Investment and Contribution Act
Federal Insurance and Collection Act
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which tax is specifically designed to ensure that individuals and corporations pay at least a minimum amount of tax?
Sales tax
Excise tax
Alternative minimum tax
Income tax
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How does a bonus typically affect an employee's gross pay?
It decreases the gross pay
It has no effect on gross pay
It increases the gross pay
It only affects net pay
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