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Tax Unit

Total questions: 45

Worksheet time: 24mins

Name
Class
Date
1.
Total income for the year
a)
gross income
b)
taxable income
c)
net pay
d)
unearned income
2.
The annual wage and tax report from your employer 
a)
W-4
b)
Form 1040 EZ
c)
W-2
d)
Form 1040
3.
Money that an employer takes from your paycheck to be used for taxes is called
a)
interest income
b)
withholding
c)
dividend income
d)
unearned income
4.
The deadline to file your annual tax return
a)
March 15
b)
April 30
c)
April 15
d)
March 30
5.
The form that helps the employer determine how much to deduct for federal income tax
a)
W-2
b)
W-4
c)
Form 1040 EZ
d)
Form 1040
6.
Agency responsible for collecting federal taxes
a)
FTC
b)
OSHA
c)
CPSC
d)
IRS
7.
Interest and dividend income
a)
gross income
b)
net pay
c)
earned income
d)
unearned income
8.
Free from federal tax withholding
a)
allowance
b)
exempt
c)
withholding
d)
standard deduction
9.

The amount of federal income tax to withhold from your pay is based on

a)

gross pay

b)

marital status

c)

the number of withholding allowances

d)

all of the above are correct

10.

Which of the following types of income is used to determine your tax liability for the year?

a)

gross income

b)

net pay

c)

taxable income

d)

unearned income

11.
What are three ways you have benefited from taxes today?
a)
Zoo's, Arena's, and Walmart
b)
Highway Signs, Highways, and bike reflectors
c)
Police Officers, Teachers, and the Internet
d)
Schools, Libraries, and Clean Communities
12.
What is Income Tax?
a)
Tax on Earned Income
b)
Tax on Unearned Income
c)
Tax on Earned and Unearned Income
d)
Taxes on the Wages you earn from your Employer
13.
What is Payroll Tax?
a)
Tax on Earned Income
b)
Tax on Unearned Income
c)
Tax on Earned and Unearned Income
d)
Taxes on the Wages you earn from your Employer
14.
What is Federal Income Tax?
a)
Funds the Disney Corporation with money it needs to operate. 
b)
Money that supports the Executive, Legislative, and Prejudicial branch of the government.
c)
A tax that supports the air traffic navy platoon system, the national board of realtors as well as the web of excessive disproportionate growth. 
d)
A tax that supports the federal governmen all its systems, highway construction and the military. 
15.
What is State Income Tax?
a)
Taxes Paid by the Federal Government
b)
Taxes Mandated by the Federal Government
c)
Taxes Mandated by the State Government to pay for the Legal System in the United States
d)
The Taxes that pay for Schools, Libraries, and Police Departments
16.
What is the Social Security tax rate removed through payroll tax?
a)
6.15%
6.20
b)
6.20%
c)
6.45%
d)
6.50%
17.
What is Medicare
a)
A retirement supplement program
b)
A VA benefits program
c)
A program for Low-Income Families
d)
A medical program for senior citizens
18.

Who primarily uses our tax money? (hint: choose 2 correct answers)

a)

Your employer

b)

The state government

c)

The Federal government

d)

Local Businesses

19.

Our tax money is spent on all of the following EXCEPT:

a)

Social Security

b)

The Military

c)

Private School Education

d)

National Parks

20.

Which of the following is NOT a category in the Federal government's spending?

a)

Mandatory spending

b)

Discretionary spending

c)

Interest on loans issued

d)

Interest on national debt

21.

The W-4 form lets...

a)

the government know how much you paid in taxes last year

b)

your employer know how much to withhold from your paycheck

c)

the 3 major credit bureaus know how many dependents you have

d)

you know how much you paid in taxes last year

22.

The more allowances you claim on your W-4...

a)

The more money you will see in your paycheck

b)

The less money you will see in your paycheck

c)

The # of allowances has no impact on your paycheck

d)

You don't claim allowances on a W-4

23.

The more allowances you claim on your W-4...

a)

The more money is withheld from your paycheck

b)

The less money is withheld from your paycheck

c)

The # of allowances doesn't impact how much $ is withheld

d)

You claim allowances on a W-2, not the W-4

24.

What do you need to file your 1040 form? (hint: choose 2 correct answers)

a)

Your W-2

b)

Your W-4

c)

Your prior year's tax return

d)

Social Security Number

25.

Which of the following is NOT a way you can file your taxes?

a)

Through a tax professional

b)

Mailing in a paper tax return to the Federal government

c)

Using tax software like TurboTax

d)

Through your employer's HR department

26.

If a teen files a tax return, can the parent still claim him/her as a dependent?

a)

Yes. All teens are dependents until they are 18 years old

b)

No. If a teen files a tax return, he/she cannot be claimed

c)

Yes, as long as the teen meets the dependency requirements

d)

Yes, but the parent has to add the teen's income to theirs

27.

Which is TRUE about earned income and unearned income? (hint: choose 2 correct answers)

a)

Earned is how much you make from a job

b)

Earned is any money you make in interest, dividends, etc.

c)

Unearned is any money you make in interest, dividends, etc

d)

Unearned is how much you make from a job

28.

Which is the BIGGEST tax that is taken out of your paycheck?

a)

State Income Tax

b)

Federal Income Tax

c)

Social Security Tax

d)

Health Insurance

29.
FICA taxes are
a)
U.S. federal payroll taxes imposed on both employees and employers to fund Social Security and Medicare
b)
U.S. federal payroll taxes imposed on employees only to fund Social Security and Medicare.
c)
U.S. federal payroll taxes imposed on both employees and employers to fund Social Security.
d)
U.S. federal payroll taxes imposed on employers only to fund Social Security and Medicare
30.
The form that determines the amount of money withheld for taxes is called a: 
a)
w4
b)
i9
c)
w2
d)
1040ez
31.
a tax in which the tax rate increases as the taxable amount increases
a)
progressive
b)
regressive
c)
flat
d)
proportional
32.
Federal Income tax is a _______tax
a)
proportional
b)
flat
c)
regressive
d)
progressive
33.
Credits are subtracted from the amount you owe after you calculate your taxes.
a)
True
b)
False
34.
The standard deduction is an amount that everyone can subtract from their income before they calculate their taxes.
a)
True
b)
False
35.

The official date for when taxes are due

a)

January 15

b)

February 15

c)

March 15

d)

April 15

36.

When you receive a new job, you are mandated to file a

a)

Complaint

b)

Divorce

c)

W-4

d)

W-2

37.

When you are ready to file for taxes you must have form

a)

W-2

b)

W-6

c)

WD40

d)

W-2484

38.

The easy way to file for taxes is using form

a)

1800

b)

1745

c)

1999EZ

d)

1040EZ

39.

The two common filing status are

a)

Single

b)

Married

c)

Both A and B

d)

Neither A or B

40.

A fixed amount all people are allowed to deduct from their adjusted gross income to reduce their tax liability

a)

Standard Deduction

b)

Itemized Deduction

41.

Income tax is-

a)

Money your employer pays to you

b)

Money you earn and put into the bank

c)

tax paid on the money you earn each year

d)

FREE MONEY!!

42.
Salaries and wages represent
a)
Dividend income
b)
interest income
c)
adjustable gross income
d)
earned income
43.
Tax deductions and tax credits affect your tax liability the same. 
a)
True
b)
False
44.
Why is Form W-4 completed, and when should a new W-4 be completed? 
a)
It is completed so employers can withhold the correct federal income tax from paychecks.  A new W-4 should be completed each year and when personal / financial situations change.
b)
It is completed only if you are not exempt from taxes due to being a full time student.
c)
It is completed only if you claim the head of household filing status on your return by being unmarried and paying more than 50% of the costs of keeping up a home for yourself and dependents.
d)
It should be completed if you are not a Nonresident Alien. 
45.
When do employers send your W-2 Form? 
a)
By January 31 each year. 
b)
Whenever it is requested.
c)
By April 15 each year.
d)
By December 31 each year.

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