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WorksheetsManaging Taxes and Legal Documents
Total questions: 18
Worksheet time: 9mins
The gasoline tax is a/an _________ tax.
payroll
income
excise
Gasoline tax funds are placed in the ___________ Trust fund.
Defense
Highway
Medicare
A W-2 form is provided by an employer to its employees to help them file their annual taxes.
True
False
How will your family benefit if you purchase health insurance from a federal- or state-facilitated health insurance marketplace?
If you purchase health insurance from a federal- or state-facilitated health insurance marketplace, then you are eligible for a premium tax ___________.
refund
return
credit
deduction
Payroll taxes help fund National Parks and Social Security funds.
True
False
What level are payroll and Social Security taxes levied on consumers and businesses?
Global level
National Level
National and Local level
What level are income taxes, property taxes and sales taxes levied on consumers and businesses?
Global level
National Level
National and Local level
Bob borrows money from a bank to buy a property and retains the document until he has paid off the loan completely.
Match this situation with the contracts or documents that the individuals will sign.
title
will
mortgage agreement
passport
Joseph purchases a vehicle and retains the document until he sells the vehicle.
Match this situation with the contracts or documents that the individuals will sign.
title
will
mortgage agreement
passport
Libby shows this document to prove her identity while she travels abroad.
Match this situation with the contracts or documents that the individuals will sign.
title
will
mortgage agreement
passport
Debby has signed a personal document and has left it with her attorney. In the document, she lists her wishes for her estate on her death.
Match this situation with the contracts or documents that the individuals will sign.
title
will
mortgage agreement
passport
Gross pay minus deductions =
Adjusted Gross Pay
taxable income
savings
disposable income
Adjusted Gross Pay minus tax =
Adjusted Gross Pay
taxable income
savings
disposable income
disposable income minus personal spending=
Adjusted Gross Pay
taxable income
savings
disposable income
taxable income minus taxes=
Adjusted Gross Pay
taxable income
savings
disposable income
What happens if you fail to pay your annual taxes?
you will have to pay twice the amount of taxes the next year
you can file your return the next year
you will have to pay penalty fees or face imprisonment, depending on the severity of nonpayment
you will simply have to pay some penalty fees
Caroline's Adjusted Gross Income (AGI) is $60,000. Due to an emergency, she had to spend $6,500 on medical expenses. Is she eligible for a tax deduction, and if so, how much?
no; she is ineligible for a tax deduction
no; her medical bill is less than 20% of her AGI
yes; a tax deduction on any amount spent above 10% of her AGI
yes; a tax deduction on the entire medical expense
Grace is an accountant who lives in the state of Texas. Which tax is she exempt from?
gasoline tax at the state level
income tax at the national level
inheritance tax at the state level
payroll tax at the national level
