wayground logo

Free Printable Worksheets

NEW

Font size

S
M
L
XL
Worksheets

Income/Taxes

Total questions: 29

Worksheet time: 23mins

Name
Class
Date
1.
What is the program that extends health coverage to almost all Americans age 65 and over?
a)
social security
b)
taxes
c)
income tax
d)
medicare
2.
What is the program that provides benefits to most Americans who are retired, sick, or too disabled to work, and to families of workers who have died?
a)
social security
b)
taxes
c)
medicare
d)
income tax
3.
Required payments to a government are_______________. 
a)
income
b)
taxes
c)
medicare
4.
Total pay or earnings made over a one-year period before any deductions have been taken is _____________.
a)
gross annual income
b)
net monthly income
c)
net annual income
d)
gross monthly income
5.
The amount of salary received after taxes and deductions
a)
Gross Pay
b)
Net Pay
c)
Total Earnings
d)
Bill 
6.
Bruce makes $100,000 per year.
Steve makes $50,000 per year.
Tony makes $30,000 per year.  
Bruce pays 30% in taxes, Steve pays 20%, and Tony pays 10%.  This tax is
a)
Proportional
b)
Progressive
c)
Regressive
d)
I have no idea.
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

d)

1040

8.
The primary sources of income for young people between 18 and 30, who are not living on a pension (retirement) or social security are?
a)
Profits from businesses they own.
b)
Dividends and interest from investments
c)
Rents
d)
Wages, Salaries, and Tips
9.
Which of the following is an example of unearned income?
a)
Money earned from waiting tables.
b)
The tax return you receive from the government after filing you 1040EZ.
c)
Money from a salary job such as a professional athlete.
d)
Money earned on interest from a savings account.
10.
Which type of tax do you pay on your home or land?
a)
Location Tax
b)
Land Tax
c)
Property Tax
d)
House Tax
11.
Jessica is wanting to buy a $10.00 box of candy. The sales tax is 5%. How much is the total for the candy?
a)
$15.00
b)
11.00
c)
$12.00
d)
$10.50
12.
Net pay is...
a)
Your take home pay after taxes
b)
Your total income before taxes.
13.
As Mariah was looking over her sales receipt for the purse she bought at a retail store, she discovered that she was charged 6% more than the price tag showed for the item. What is this extra 6% charge most likely to be?
a)
An excise tax on the purse she purchased
b)
 Property tax on the purse she purchased. 
c)
Income tax on the purse she purchased. 
d)
Sales tax on the purse she purchased.
14.
A tax on purchased goods and services
a)
community
b)
property tax
c)
earned income
d)
Sales tax
15.

What is the purpose of a W-4?

a)

To track your tax history

b)

To tell you how much you will earn each month.

c)

To determine how much your employer will withhold on your taxes

d)

None of the above

16.
When you pay your local taxes, you pay for...
a)
Parks
b)
Education
c)
Fire Departments
d)
All the above
17.
A commission is an addition to a wage or salary based on sales.
a)
True
b)
False
18.

The date by which you must file your taxes this year

a)

April 15, 2021

b)

April 18, 2021

c)

June 1, 2021

d)

December 31, 2021

19.

The form _______tells you how much was taken out of your pay for the year and you must receive it by January 30th.

a)

W-2

b)

W-4

c)

1040

d)

I-9

20.

To get your tax refund, which is faster: Direct Deposit or Mail?

a)

Mail

b)

Direct Deposit

21.
IRS stands for what when talking about taxes?
a)
Internal Revenue Service
b)
Individual Return System
c)
I'm Really Sorry
d)
International Revenue System
22.
The IRS encourages you to round off to whole dollars.
a)
True
b)
False
23.

A deduction is

a)

gross income

b)

money added to your income

c)

net income

d)

money taken out of your income

24.

You work part-time for $10 an hour. You work for 15 hours this week, how much is your gross pay?

a)

$ 100.00

b)

$ 150.00

c)

$ 155.00

25.

Overtime is calculated at 1.5 times an employee's regular rate of pay.

a)

True

b)

False

26.

Employees who are paid every 2 weeks receive 24 paychecks per year.

a)

True

b)

False

27.

Employees who are paid every two weeks would receive 24 pay checks in a year.

a)

True

b)

False

28.

Amount returned by the government for overpaid taxes

a)

Transfer payment

b)

Tax refund

29.

Wages, salary and tips

a)

unearned income

b)

earned income

c)

disposable income

Similar Resources on Wayground

QUIZ 8PM 07-07

25 questions

QUIZ 8PM 07-07

quiz

Worksheet

•

7th Grade - Professio...

EXERCISES

25 questions

EXERCISES

quiz

Worksheet

•

9th - 12th Grade

Brawl stars

24 questions

Brawl stars

quiz

Worksheet

•

1st Grade - Professio...

Harry Potter

24 questions

Harry Potter

quiz

Worksheet

•

KG - Professional Dev...

Famous Buildings JEE Paper - 2

25 questions

Famous Buildings JEE Paper - 2

quiz

Worksheet

•

7th Grade - Professio...

Long Quiz in Cookery

25 questions

Long Quiz in Cookery

quiz

Worksheet

•

12th Grade

AVID Acronyms

24 questions

AVID Acronyms

quiz

Worksheet

•

6th - 12th Grade

Study of Culture, Society and Politics

25 questions

Study of Culture, Society and Politics

quiz

Worksheet

•

12th Grade