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WorksheetsChapter 11 Review - Careers and Taxes
Total questions: 18
Worksheet time: 9mins
The Internal Revenue Service (IRS) is the federal government agency responsible for:
Tax collection and tax law enforcement Tax collection and tax law enforcement
Filling out your tax forms
What is the difference between gross pay and net pay?
Net pay is your pay after deductions; gross pay is before
Gross pay is your pay after deductions; net pay is before.
Sales tax and excise tax are both taxes on:
Consumption
Wealth
The government relies on taxes to:
Remind citizens of the governmentʹs power
Burden the public with an extra expense
Pay for services like roads, education & social services
All of these
The day that income tax filings are due in the United States:
April 22
April 15
This tax pays for benefits that workers & families receive for either Social Security/Medicare.
Sales tax
Federal Insurance Contribution Act (FICA)
Income generated by selling an investment at a higher price than you paid for it:
Portfolio income
Secondary income
Which of the following statements about taxes is false?
3 taxes deducted from paycheck: federal, state & FICA
Not all types of income are taxed; portfolio income isn't.
Primary taxes on consumption are sales tax and excise tax.
There are many taxes on wealth and property. There are many taxes on wealth and property.
Any income that is generated by working
passive income
earned income
Taxes paid out by anyone who earns an income
estate taxes
income taxes
The process by which we ʺmarketʺ ourselves to others by highlighting strengths, interests, etc
personal branding
personal selling
A brief account of oneʹs professional/work experience & qualifications
contact letter
resume
Tax on goods and services that goes to your state or local government
gift tax
sales tax
Taxes paid by anyone who owns property such as land, a home or commercial real estate
property taxes
estate taxes
Federal ins. program funded by taxpayer provides benefits to ppl retired, unemployed/disabled
withholdings
Social Security
The amount of income left after taxes have been deducted
gross pay
net pay
This tax is the main source of revenue for local governments
excise tax
property tax
Money earned on a regular basis w/ little/no effort required to maintain it.
portfolio income
passive income
