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WorksheetsTaxes Review
Total questions: 32
Worksheet time: 25mins
Name
Class
Date
1.
We pay _______ taxes to fund our school districts and park districts
a)
Local
b)
State
c)
Federal
d)
None of the above
2.
The total amount of income you earn through work before deductions is called your _______.
a)
Weekend income
b)
Gross income
c)
Net income
d)
Taxable income
3.
What is the FICA tax?
a)
Primarily a credit card tax
b)
a tax on investment income
c)
another name for the marginal tax rate system
d)
a tax collected to fund Social Security and Medicare
4.
Federal Income tax is a _______tax
a)
proportional
b)
flat
c)
regressive
d)
progressive
5.
Under a ________ tax system, individuals and entities with low incomes pay a higher amount of their income in taxes compared to high-income earners.
a)
Regressive
b)
Progressive
c)
Proportional
d)
Flat
6.
A _________ tax, also referred to as a flat tax, impacts low-, middle- and high-income earners relatively equally.
a)
regressive
b)
proportional
c)
income
7.
According to the document (image), which tax structure is in effect?
a)
Regressive
b)
Progressive
c)
Proportionate
8.
An argument to defend the progressive income tax is because of the ______.
a)
Scarcity Argument
b)
Ability-to-pay principle
c)
benefits-received principle
d)
tragedy of the commons
9.
This is the major (highest) revenue source for the Federal Government
a)
Sales Taxes
b)
Personal Income Taxes
c)
FICA Taxes
d)
Property Taxes
10.
Tax on real estate that pays for schools and city services is called ______________.
a)
Excise Tax
b)
Flat Tax
c)
Fare Tax
d)
Property Tax
11.
The __________ collects taxes for the US Government
a)
ABC
b)
IRD
c)
IRS
d)
IDT
12.
If the IRS wants to review your taxes and has more questions for you this is called a(n) _________________.
a)
Overpayment
b)
Extension
c)
Penalty
d)
Audit
13.
Taxes should be filed by _______ in order to avoid any penalties.
a)
March 1
b)
February 15
c)
December 31
d)
April 15
14.
When you file your taxes you can file as single, married filling _______, married filling separately, or head of household.
a)
Equally
b)
Together
c)
Jointly
d)
Mended
15.
What is the purpose of an I-9 form?
a)
To show your interest earned on unearned income
b)
To prove you are eligible to work in the US
c)
To prove you are of age
d)
To show your salary and wages earned in the last year
16.
Taxpayers should not itemize unless their deductions exceed the standard deduction.
a)
True
b)
False
17.
A person who lives with you and receives financial support from you is called a(n)
a)
taxpayer
b)
dependent
c)
tax credit
d)
exemption
18.
Which of the following would appear on your 1099-INT?
a)
tips
b)
alimony
c)
stock market interest income
d)
unemployment compensation
19.
What form is used by your employer to allow them to withhold taxes from your paycheck? (YOU fill this out)
a)
I-9
b)
W-2
c)
W-4
d)
1099 INT
20.
Taxes are deducted from all employees paychecks
a)
true
b)
false
21.
Which programs use tax money?
a)
military
b)
education
c)
welfare
d)
all of the above
22.
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
23.
What does IRS stand for?
a)
Investment Return Service
b)
Interest Rate State
c)
Income and Rent Standard
d)
Internal Revenue Service
24.
Which type of tax comes directly out of your paycheck?
a)
Property Tax
b)
Sales Tax
c)
Income Tax
d)
Ad Valorem Tax
25.
What is your take home pay called?
a)
Net Pay
b)
Gross Pay
c)
Adjusted Gross Income
d)
Adjusted Net Income
26.
Who is responsible for providing the W2 form?
a)
You
b)
Your Employer
c)
Your bank
d)
The IRS
27.
Which tax form is used to provide information about your previous year's pay and deductions from that year?
a)
W2
b)
W4
c)
1040A
d)
1099-INT
28.
Which tax form is used to tell your employer the amount of allowances you will be claiming?
a)
W2
b)
W4
c)
1040EZ
d)
1099-INT
29.
When is a W4 form filled out?
a)
Right before you file your taxes
b)
When you quit a job
c)
When you start a job
30.
Who is responsible for filling out a W4 form?
a)
You
b)
Your employer
c)
Your Bank
d)
The IRS
31.
Which tax form provides information on how much you have earned in interest on your savings tools, such as savings accounts?
a)
W2
b)
W4
c)
1040
d)
1099-INT
32.
Who provides you with the 1099-INT?
a)
You fill it out
b)
Your employer
c)
Your Bank
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