WorksheetsTax Review - PF
Total questions: 30
Worksheet time: 14mins
Name
Class
Date
1.
This is an example of a federal tax?
a)
Sales Tax
b)
Social Security
c)
Property Tax
d)
Smart Tax
2.
4. Which tax is to help pay for health care for people age 65 and older?
a)
Obamacare
b)
Medicaid
c)
Medicare
3.
3. FICA tax is broken down into what 2 categories?
a)
SS and Medicaid
b)
SS and Medicare
c)
Medicare and Payroll
4.
7. What form is used by your employer to allow them to withhold taxes from your paycheck?
a)
I-9
b)
W-2
c)
W-4
5.
Taxes are deducted from all employees paychecks
a)
true
b)
false
6.
Roads, police, schools, governmental agencies, fire and emergency services are all funded by taxes
a)
true
b)
false
7.
The form that determines the amount of money withheld for taxes is called a:
a)
W4
b)
I9
c)
W2
d)
1040
8.
This form states the amount of money earned and taxes paid throughout the previous year. People use it to complete income tax forms for the IRS
a)
W2
b)
W4
c)
I9
d)
1040
9.
Helps provide retirement income for the elderly and pays disability benefits
a)
Medicare
b)
Social Security
c)
State income tax
d)
Federal income tax
10.
A health care program for the elderly and disabled
a)
Social security
b)
Medicare
c)
State income tax
d)
Federal income tax
11.
Which programs use tax money?
a)
military
b)
education
c)
welfare
d)
all of the above
12.
How often do you need to file your taxes?
a)
Once a month
b)
Once a year
c)
Every paycheck
d)
quarterly
13.
The government agency in charge of collecting tax.
a)
FICA
b)
IRS
c)
NBA
d)
SEC
14.
A form completed by the bank which reports the interest you earn.
a)
1040
b)
1099-INT
c)
W-4
d)
W-2
15.
For which of the following would an employer withhold money from an employee's pay?
a)
Federal income tax
b)
Social Security tax
c)
Medicare Tax
d)
All of the above
16.
Which of the following is an example of a federal tax return?
a)
Form 1040
b)
W-2
c)
W-4
d)
Form 10-K
17.
What does IRS stand for?
a)
Investment Return Service
b)
Interest Rate State
c)
Income and Rent Standard
d)
Internal Revenue Service
18.
When are taxes due?
a)
August 15
b)
April 15
c)
December 30
d)
June 30
19.
Taxes for Social Security and Medicare are a part of ____?
a)
FDIC
b)
SIPC
c)
IRS
d)
FICA
20.
Wisconsin has a state income tax.
a)
True
b)
False
21.
A dollar-for-dollar reduction in your tax is called
a)
A tax deduction
b)
A tax reduction
c)
A tax credit
d)
A tax debit
22.
Income taxes are collected by employers throughout the year from every paycheck. This is commonly called
a)
"Pay as you go/earn" taxation
b)
"Pay to play" taxation
c)
Taxation without representation
d)
"Pay now instead of later" taxation
23.
The concept that people in the same income group should be taxed at the same rate is called
a)
Vertical Equity
b)
Horizontal Equity
c)
Upside Down Equity
d)
Backward Equity
24.
Where can you pick up tax forms?
a)
Library, Post Office, Bank
b)
Library, Post Office, Online
c)
Library, Online, Bank
d)
Post Office, Bank, Online
25.
What can happen if you don't file/pay taxes?
a)
You can get fined
b)
You can own back taxes
c)
You can go to prison
d)
All of the above
26.
An example of unearned income would be . . .
a)
Tips
b)
Dividends
c)
Bonus
d)
Commission
27.
Interest is . . .
a)
Earned Income
b)
Unearned Income
28.
The most common dependent is
a)
Grandparents
b)
Adults
c)
College students
d)
Children
29.
When it comes to taxes, you want your taxable income to be
a)
Big
b)
Small
c)
Exactly what it is
d)
None of the above
30.
The Standard Deduction
a)
increases the income that is subject to tax
b)
Decreases the income that is subject to tax
c)
Increases the number of exemptions
d)
Decreases the number of exemptions
100 %
