WorksheetsTaxes Review
Total questions: 35
Worksheet time: 18mins
What do your taxes help support?
Public safety (Firefighters, Police, Hospitals)
Infrastructure (Roads, Libraries, Museums)
Education (Schools)
National Parks/Public Parks
What definition best fits for the word tax?
Pointless fee everyone pays
Fee the public pays to the government to help sustain public things
Fees applied ONLY to food
Fees that are the same for every person across the country
Gross wages are?
The amount before deductions
The amount after deductions
The sum of all your taxes
The amount you make over a year
Which of the following forms is meant to determine your allowances / withholdings / deductions and affects your FEDERAL and STATE income tax %? Hint: YOU fill it out
W2 Form
W4 Form
1040EZ
I9 Form
Which of the following forms is a summary of what you made & what you paid? Hint: You DON'T fill it out, but it IS needed in order to file your taxes
W2 Form
W4 Form
1040EZ
I9 Form
The form your employer creates to report your earnings and how much was withheld from your paychecks
W4
W2
1040
Tax Return
What do your taxes help support?
Public safety (Firefighters, Police, Hospitals)
Infrastructure (Roads, Libraries, Museums)
Education (Schools)
National Parks/Public Parks
What are the three main taxes?
Income
Retirement
Property
Sales
If my new car costs 15,000 dollars and the sales tax is 10% how much will I actually pay AFTER taxes?
15,000
15,500
16,000
16,500
Net Pay is?
The total amount before deductions
The total amount after deductions
The amount you make over the course of a year
The sum of all of your taxes
Deductions are?
The amount before deductions
The amount after deductions
The sum of all taxes and other payments
The amount you make over a year
Social Security and Medicare taxes are also known as ________ taxes.
FICO
GAAP
FICA
NAFTA
Which of these is not a filing status in the US?
Married - Filing Separately
Single
Head of Household
Divorced/Separated
Married - Filing Jointly
Social Security and Medicare help all of the following
People of advanced age
People with a disability
Puppies
Survivors
Coworkers
A person who qualifies for a single filing status must be:
Unmarried
Widowed with small children
Divorced
Legally separated
Standard deductions are ________.
set amount of money that is deleted from a person's taxes no matter their filing status.
predetermined amounts of money that are added to a person's taxes based on filing status.
blanket deductions based on a taxpayer's filing status, age and vision.
random amounts of money that are taken from one person's taxes and added to another person's taxes.
Which of these are types of itemized deductions?
Medical expenses
Work expenses
Personal debt
Charitable donations
Property tax value
What is an exemption?
Additional taxes added to tax returns of people with large families.
Deductions from income based on the number of people supported by a person's income.
Money removed from your tax debt based on how many children you have.
Additions to income based on the number of people supported by a person's income.
Itemized deductions are ______________.
Expenses that add to the money you owe to the government.
Income level based lowering of tax debt.
Money earned that pays off all your taxes.
Personal expenditures that can be deducted from taxable income.
The IRS is short for _______________.
Internal Review Service
Integral Revenue Search
Internal Revenue Service
What is a tax audit?
Examination by the IRS to validate the accuracy of a given tax return.
Unfair persecution of a person by the federal government.
The government attempting to get more money out of its citizens.
Which of these is a W2?
Which of these is a W4?
Which of these is the 1040?
