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WorksheetsModule 3 Quiz on Taxes
Total questions: 24
Worksheet time: 12mins
Who primarily uses our tax money?
Your employer
The Federal government
The international monetary fund
local businesses
The money collected from our taxes is spent on all of the following EXCEPT:
Private School education
Social security
The military
National Parks
The W-4 form lets...
the government know how much you paid in taxes last year
your employer know how much to withhold from your paycheck
the 3 major credit bureaus know how many dependents you have
you know how much you paid in taxes last year
What item would you DEFINITELY see on a paystub?
Retirement Options
Gross Pay
Healthcare Options
Work schedule
The more allowances you claim on your W-4...
The more money you will see in your paycheck
The less money you will see in your paycheck
The # of allowances has no impact on your paycheck
You don't claim allowances on a W-4
True or False: All wages, tips, and bonuses are taxable unless specifically excluded.
TRUE
FALSE
Which of the following is FALSE about the W-2 form?
It lets you know how much was withheld from your paychecks
The W-2 is sent out in April of every year
You get 1 W-2 form every year, even if you had multiple jobs
It lets you know how much you earned last year
Luisa earned $1,200 at her part-time job, and $500 from babysitting in cash. Which is TRUE?
She should report her total income as $1,700.
She should report her total income as $1,200.
She should report her total income as $500.
Luisa is NOT required to file a tax return.
Which is TRUE about earned income and unearned income?
Earned is any money you make in interest, dividends, etc.
Earned income is how much you make from a job
Unearned income is any money you make in interest, dividends, etc.
Unearned is how much you make from a job
Which of the statements below is TRUE about filing your taxes.
You need to file your taxes by December 31.
Your employer submits it for you.
You do not have to file taxes.
You must file by April 15 of the following year.
Sarah and Steve both make the same amount of money but pay different amounts in taxes? Select the possible reasons
They live in different states
Steve is older
Steve is married w/kids, Sarah is single and ready to mingle
Steve is a Democrat, Sarah is a Republican
Who pays Payroll tax?
Employees only
Employers only
Employees and Employers
Corporations only
The amount of income you actually get to take home, AFTER taxes are taken out, is called?
Income tax
Net Income
Gross Income
FICA
Sally owns a gas station. What type of tax will she have to pay on that land?
Gas tax
Property tax
Business tax
Income tax
Tony bought a new boat. He had to pay which kind of tax on his new boat?
Sales tax
Property tax
Sin tax
Income tax
Which federal income tax structure is used in the United States?
Regressive tax
Progressive tax
Proportional tax
Sales tax
A proportional income tax takes the same percentage of income from all income groups.
TRUE
FALSE
Which is NOT an example of a commonly used progressive tax?
state driver's license fee
inheritance tax
federal income tax
state income tax
What is the federal income tax rate that is withheld from a paycheck?
7.65%
6.2%
It depends on the information on your W-4 and your salary
25%
When the amount of taxes withheld from your pay check is greater than your tax liability (the amount you actually owe), you
receive a tax return
receive a tax refund
pay a tax bill
pay a tax allowance
Why can't most people file their taxes in the first week of January?
They haven't yet received their 1040.
They haven't yet received their W-4.
They haven't yet received their W-2.
They haven't yet received a paycheck.
Which of the following is NOT a paycheck deduction?
health insurance
social security
property taxes
401(k)
Our federal income tax is a proportional tax.
False
True
What taxes pay for Schools, Police, Fire, and Sanitation services?
Federal Income tax
Property taxes
State income tax
FICA
