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WorksheetsFinancial Management: Unit 3 Review
Total questions: 20
Worksheet time: 10mins
Taxes are fees that the government ___________ people to pay in order to live and work in their state and the USA.
requires
does not require
You must file your federal and state income taxes by April _____.
25th
1st
15th
What agency is responsible for collecting federal income taxes for the US government?
Internal Revenue Service (IRS)
NC Department of Revenue
NC Department of Agriculture
Which answer below is an example of earned income?
Interest earned on a savings account.
Money earned from working at the mall.
Money received from Social Security.
Which item listed below is not funded by taxes in your community?
public library
community center
fast food restaurant
When you get a job, you will be required to complete a ________ form. This form is usually completed on your first day of work or at an employee training prior to starting work.
W-4
W-2
1040EZ
The __________ form shows how much money you made and how much you paid in taxes from the previous year.
D-400
W-2
W-4
Use the W-2 above to answer question. How much money did Jackson make last year?
$25,304.90
$1,255.60
$7,236.86
Use the W-2 above to answer question. How much did Jackson pay in federal income taxes last year?
$25,304.90
$7,234.86
$1,255.60
Use the W-2 above to answer question. How much did Jackson pay in state income taxes last year?
$1,255.60
$7,236.86
$25,304.90
A _______________ is a person who relies on another person, usually a family member, for financial support.
taxpayer
dependent
community
One way to prepare and file your federal income tax return is online. Filing your taxes online is called ___________ .
government file
e-File
manual file
One benefit of using e-file to prepare and file federal and state income taxes is _________ .
takes longer to complete
increased accuracy in calculations
increased math errors
Taxpayers may prepare and file their tax returns electronically from all of the following except
home
post-office
Authorized e-file provider
The ______ offers free file software for individuals who have an income below $62,000.
schools
IRS
employer
John is single, 20 years old, and makes less than $100,000 a year. He has no children. Which federal tax form should he use?
1040EZ
W-4
W-2
E-filers are issued a Personal Identification Number or ______ allows the taxpayer to "sign" the return electronically.
1040EZ
PIN
D-400
E-file offers direct deposit for _________ refunds.
faster
smaller
increased
The NCDOR e-File for_______and e-File for fee website has a list of approved tax preparation software for participating e-File providers.
fun
free
businesses
John lives in North Carolina, is single, and earns more than $5,500 per year. He should use the ______ form to file your state income taxes.
D-400
1040EZ
W-4
