WorksheetsBasic Taxes
Total questions: 18
Worksheet time: 9mins
Name
Class
Date
1.
All states have state income tax.
a)
True
b)
False
2.
Payroll tax include deductions for the Social Security and Medicare program.
a)
True
b)
False
3.
Unearned income could include interest earned from a savings account.
a)
True
b)
False
4.
Consumption items such as gas, hotel rooms and airline tickets are often charged an excise tax.
a)
True
b)
False
5.
Sales tax is added to the original price of an item.
a)
True
b)
False
6.
Taxes are one of the largest expenses for most people.
a)
True
b)
False
7.
I can deduct the expenses of looking for my first job.
a)
True
b)
False
8.
The amount of federal income tax you pay decreases as you earn more money.
a)
True
b)
False
9.
If an employee has $100 withheld from their paycheck for Social Security and Medicare tax deductions, the employer will contribute $50 for the total paid to be $150.
a)
True
b)
False
10.
Everyone pays the same amount of taxes.
a)
True
b)
False
11.
The amount of sales tax charged is the same for every state and city.
a)
True
b)
False
12.
As Mariah was looking over her sales receipt for the shirt she bought at a retail store, shediscovered that she was charged 6% more than the price tag showed for the item. What is thisextra 6% charge most likely to be?
a)
An excise tax on the shirt she purchased.
b)
Property tax on the shirt she purchased.
c)
Income tax on the shirt she purchased.
d)
Sales tax on the shirt she purchased.
13.
Who is Medicare designed to help?
a)
Low income families
b)
Single parents
c)
Senior Citizens
d)
Children of unemployed parents
14.
Dane is researching the topic of property taxes for a presentation he is doing in his PersonalFinance class. He has come across the following statements he is considering adding to hispresentation. Which should he EXCLUDE from his presentation because it is not correct?
a)
Property taxes are assessed at the same rate for all types of property, including homes,land and building, regardless of location or whether they are used for business or personal use.
b)
Property taxes are usually charged by state and local governments to pay for local schoolsand other services and expenses incurred by these governments.
c)
Property taxes are commonly paid on automobiles. This tax usually paid once per yearwhen the automobile is licensed.
d)
Property tax on homes, land and buildings are usually only paid once or twice each year.
15.
Which statement is NOT TRUE about property taxes?
a)
Property tax is often charged by states or local governments to pay for local schools.
b)
The property tax rate is set by the federal government to be equal in every state.
c)
The fee paid to license a vehicle is an example of property tax.
d)
Property taxes are most often paid only once or twice each year.
16.
Taxes that are charged on consumption items such as gasoline, hotel rooms, and airline tickets arecalled _____________ taxes.
a)
Sales
b)
Excise
c)
Federal use
d)
property
17.
Ethan has just received his first paycheck. He worked 22 hours at his new job and is being paid$8.00 per hour. He calculated that his paycheck should be $176. His paycheck amount is almost 1/3 less than he expected. What is the most likely reason that Austin’s pay is less than he expected it tobe?
a)
Ethan calculated the hours he worked without deducting the hours he spent doing on‐thejobtraining.
b)
Ethan neglected to deduct the excise tax paid on the uniforms he purchased to wear at hisjob.
c)
Ethan neglected to deduct the amount required to pay income and payroll taxes.
d)
Ethan’s employer made a mistake calculating the number of hours Ethan worked duringhis first pay period.
18.
Which statement is TRUE about Payroll Taxes?
a)
Payroll taxes are paid are paid on both earned and unearned income.
b)
Payroll taxes fund different operations and programs of the federal government.
c)
Payroll taxes fund the Social Security and Medicare programs.
d)
The amount of tax paid depends on many different factors but increases as incomeincreases.
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