Personal Finance Chapter 10 - Taxes

Which form is used to calculate how much income tax is withheld from your pay?

• Form W-4

• Form 1099

• Form 1098

• Form W-2

____ is your total pay before taxes and withholdings are taken out.

• Passive Income

• Gross Income

• Net Income

• Earned Income

What percentage of their income should a self-employed person set aside for taxes?

• 30-35%

• 20-25%

• 15-20%

• 25 - 30%

What federal payroll tax goes toward Social Security and Medicare?

• FACO

• FICO

• FICA

• FOCA

The total amount the U.S. owes to other countries and companies called what?

• National tax

• National debt

• Wealth tax

• Deficit spending

April 15 of every year - the usual deadline to file your taxes - is also called what?

• Tax Day

• Due Day

• Equinox Day

• Deadline Day

What is the date that employers have to send the W-2 out to employees?

• January 30th

• February 1st

• None of these dates are correct

• January 31st

Each year taxpayers submit a(n) ___ to the IRS with the goal of getting as close to zero as possible.

• None of the above

• W-4

• tax return

• Form 1099

Due to the 2018 tax reforms, most tax filers can just take the ____ when filing their taxes.

• No deductions

• Wealth Deduction

• Itemize Deductions

• Standard Deduction

The taxes you pay for snacks and other items at a gas station are examples of ____.

• Sales Tax

• Gift Tax

• Excise Tax

• Estate Tax