WorksheetsPersonal Finance-Chapter 7-Federal Income Tax
Total questions: 14
Worksheet time: 8mins
Name
Class
Date
1.
Tax evasion is a minor offense without any penalties.
a)
True
b)
False
2.
Taxes that are redistributed by the government directly or indirectly benefit all citizens.
a)
True
b)
False
3.
In the U.S., responsibility for paying income taxes rests with the individual.
a)
True
b)
False
4.
Everyone pays the same amount in taxes.
a)
True
b)
False
5.
Our income tax system is based on voluntary compliance.
a)
True
b)
False
6.
A dependent is a person who lives with you and receives more than half of his or her living expenses from you.
a)
True
b)
False
7.
You must file a tax return to receive a refund of taxes withheld unnecessarily.
a)
True
b)
False
8.
Taxable income includes such things as wages, tips, salaries, alimony, and child support.
a)
True
b)
False
9.
Workers' compensation and unemployment compensation are taxable.
a)
True
b)
False
10.
The largest source of government revenue is income taxes.
a)
True
b)
False
11.
Which of the following is not part of gross income?
a)
tips
b)
interest
c)
child support
d)
dividends
12.
You must file your federal income tax return no later than ____
a)
December 31
b)
January 1
c)
January 31
d)
April 15
13.
As taxable income increases, income tax rates ____
a)
increase
b)
decrease
c)
stay the same
d)
could go either way
14.
An examination of tax returns by the IRS is called ____
a)
tax evasion
b)
an audit
c)
a tax bracket
d)
an itemization
100 %
