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WorksheetsTaxes Test Study Guide
Total questions: 20
Worksheet time: 15mins
The amount of your income or paycheck after any deductions – like taxes or insurance payments that are subtracted. This is your take-home pay.
Net Pay
Gross Pay
Income Tax
Social Security Tax
The entire amount of your income or paycheck before any deductions
Net Pay
Gross pay
Income Tax
Social Security Tax
money that wage earners pay the government to run the country. The amount of the tax depends upon how much you earn
Net Pay
Gross pay
Income Tax
Social Security Tax
a tax used to fund a program of the US government that gives money to elderly people. The elderly receive funds because the federal government has deducted money from each of their paychecks during the course of their working lives.
Net Pay
Gross pay
Income Tax
Social Security Tax
a bank account that pays you interest for keeping your savings in it. Banks use your money to make loans, so they pay you interest for the use of your money
Savings Account
Bank Account
Debit Account
Expense Account
The largest three categories on which the federal government spends money.
Health Care
Military/defense
Interest on the national Debt
Scientific research
I determine how much money is withheld from your paycheck for income taxes. Who am I?
W-2 form
I-9 form
W-4 form
1040 form
Linzy has a part-time job that pay $10/hour. She works about 40 hours a month all year. Her withholdings are Social Security (6.2%), Medicare (1.45%) and federal income tax (8%). What is her approximate net pay per month?
$450
$655
$350
$62.60
Money that is owed.
loan
debt
mortagge
collateral
You receive me when you start a job. You use me to prove that you are eligible to work in the US, and you must provide forms of identification when submitting me. Who am I?
1040 form
I-9 form
W-4 form
W-2 form
Choose all of the following that are true about this paystub:
Her net pay for the year so far is $536.16
Ms. Smart is paid every other week
Ms. Smart paid $9.32 towards Medicare in this pay period only?
Ms. Smart doesn't have to pay state income tax in Utah.
Tatiana is an employee. Which of the following is her responsibility?
determine how much money to withhold based on W-4 information
Requesting her W-2
Completing a W-4
Completing a W-2
Which of the following statements if true about a W-2 form?
Lists all of the money you earned in cash over the last year.
The total wages you earned from all jobs worked in the previous year is listed on one W-2 form
You need separate W-2 forms from each of your employers.
Ms. Salwerowicz doesn't get paid enough money.
Which of the following people would need to pay a 15.3% self-employment tax if they earn at least $750 in a year
Natalia: selling home-made earrings on Etsy
Gaby: mowing Ms. Salwerowicz's lawn
Justin: babsitting his nephews
Mahalya: working at Menchie's
Julyana made $2000 last year working for a math tutoring company. She had $200 withheld in federal taxes. What will happen to Julyana if she doesn't file taxes in April?
The IRS will automatically refund her $200 directly to her.
The IRS will automatically refund her $200 to her parents.
The IRS will fine Julyana $75 for not filing taxes.
Nothing will happen, but Julyana will miss out on a potential refund.
What was the best part of this unit?
The online lessons
the Turbotax simulation
Getting out of doing actual math
other
