wayground logo

Free Printable Worksheets

Font size

S
M
L
XL
Worksheets

Taxes 101

Total questions: 50

Worksheet time: 1hrs 2mins

Name
Class
Date
1.

The amount of money a person takes home after taxes and other deductions.

a)

net income

b)

gross income

2.

The total amount of income from wages before any payroll deductions.

a)

property tax

b)

gross income

3.

Josie's gross wages are $2,200. If her income tax rate is 20%, how much will her employer withold?

a)

$40

b)

$2,220

c)

$440

d)

$4,000

4.

Jason's salary is $54,000. What is the amount of his net pay after the 25% federal withholding income tax is deducted?

a)

$13,500

b)

$40,500

c)

$67.500

d)

$15,300

5.
Sales tax is __________ to the price
a)
subtracted
b)
added
c)
multiplied
d)
divided
6.

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

7.

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

a)

Social Security

b)

The Military

c)

Private School Education

d)

National Parks

8.

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

9.

Louis's dad pays a tax to the federal government each year based off the money he earns from his lawn mowing business. What type of tax does Louis's dad pay each year?

a)

Payroll Tax

b)

Income Tax

c)

Sales Tax

d)

Property Tax

10.

Curtis purchased a new pair of jeans for $18. When Curtis pays for his jeans his total is almost $20 because of taxes. Which type of tax does Curtis pay?

a)

Payroll Tax

b)

Income Tax

c)

Sales Tax

d)

Property Tax

11.

Your parents pay a tax each year of $3500 that is based off the value of your home. Which type of tax do your parents pay each year?

a)

Payroll Tax

b)

Income Tax

c)

Sales Tax

d)

Property Tax

12.

FICA taxes are

a)

Social Security and Medicare

b)

Medicare.

c)

Social Security.

d)

U.S. federal payroll taxes imposed on employers only to fund Social Security and Medicare

13.
Roads, police, schools, governmental agencies, fire and emergency services are all funded by taxes
a)
true
b)
false
14.
The form that determines the amount of money withheld for taxes is called a: 
a)
w4
b)
i9
c)
w2
d)
1040ez
15.
Helps provide retirement income for the elderly and pays disability benefits
a)
medicare
b)
social security
c)
state income tax
d)
federal income tax
16.
A health care program for the elderly and disabled
a)
social security
b)
medicare
c)
state income tax
d)
federal income tax
17.
Totals all of the deductions which have been withheld from an individual’s paycheck from January 1 to the last day of the pay period indicated on the paycheck stub
a)
payroll withholdings
b)
income tax
c)
social security
d)
year to date
18.

The name of the federal agency that collects income taxes in the United States

a)

IRS

b)

AARP

c)

Geico

d)

FBI

19.

"No taxation without representation," was a slogan of the

a)

American Civil War

b)

Second World War

c)

American Revolution

d)

Vietnam War

20.

The day of the year most taxes are due?

a)

July 15th

b)

April 15th

c)

March 15th

d)

August 15th

21.

Federal Taxes are

a)

US government

b)

State taxes

c)

illegal

d)

Income taxes

22.

We do not pay State Income Tax in Utah.

a)

True

b)

False

23.

Medicare is considered a federal state tax.

a)

True

b)

False

24.

"filing status" refers to

a)

how to organize your taxes

b)

having kids

c)

being single or legally married

d)

what year you are on with taxes

25.

A child that depends on you for financial support is called a "dependent" according to taxes.

a)

True

b)

False

26.

If you owe $800 in taxes and qualify for a $1,000 refundable credit, you would receive a $200 refund.

a)

True

b)

False

27.

A non-refundable tax credit is a tax credit that can only reduce a taxpayer's liability to zero.

a)

True

b)

False

28.
a tax in which the tax rate increases as the taxable amount increases
a)
progressive
b)
regressive
c)
flat
d)
proportional
29.
A _____________tax may at first appear to be a fair way of taxing citizens because everyone, regardless of income level, pays the same dollar amount. By taking a closer look, it is easy to see that such a tax causes lower-income people to pay a larger share of their income than wealthier people pay
a)
progressive
b)
income
c)
flat
d)
regressive
30.
Under a ________ tax system, individuals and entities with low incomes pay a higher amount of that income in taxes compared to high-income earners. 
a)
Regressive
b)
Progressive
c)
Proportional
d)
Flat
31.
Federal Income tax is a _______tax
a)
proportional
b)
flat
c)
regressive
d)
progressive
32.
Sales tax is a ______ tax
a)
regressive
b)
progressive
33.

Which of these is not a filing option for paying your taxes?

a)

Single

b)

Married

c)

Head of Household

d)

Dependent

34.

A regressive tax rate is applied at the same rate for all individuals

a)

True

b)

False

35.

Why does the government finance public education.

a)

It creates a better educated populace

b)

More education can lead to higher earning potential which can lead to higher taxes

c)

It provides more opportunities for more people to improve themselves

d)

all of the above

36.

Everyone pays the same percentage of taxes in the US.

a)

True

b)

False

37.
Which tax form is used  to provide information about your previous year's pay and deductions from that year?
a)
W2
b)
W4
c)
1040A
d)
1099-INT
38.
Who is responsible for providing the W2 form?
a)
You
b)
Your Employer
c)
Your bank
d)
The IRS
39.
Which tax form is used to tell your employer the amount of allowances you will be claiming?
a)
W2
b)
W4
c)
1040EZ
d)
1099-INT
40.
When is a W4 form filled out?
a)
Right before you file your taxes
b)
When you quit a job
c)
When you start a job
41.
Who is responsible for filling out a W4 form?
a)
You
b)
Your employer
c)
Your Bank
d)
The IRS
42.
The government agency in charge of collecting tax.
a)
FICA
b)
IRS
c)
NBA
d)
SEC
43.
Wages, salaries, bonuses, commissions and tips are all taxable
a)
True
b)
False
44.
Overtime wages are taxed
a)
True
b)
False
45.
What is the program that extends health coverage to almost all Americans age 65 and over?
a)
social security
b)
taxes
c)
income tax
d)
medicare
46.

For federal tax, if you have a higher income, you pay a higher percent in taxes.

a)

true

b)

false

47.

If you paid too much in taxes, you will be able to get a refund if you fill out the correct forms.

a)

true

b)

false

48.

Which form is filled out before you get a job and makes sure you're eligible to work in the United States?

a)

I9

b)

W4

c)

W2

d)

1040

49.

Which form is filled out around tax time? This is the form you submit to the IRS to summarize your tax year.

a)

I9

b)

W4

c)

W2

d)

1040

50.

Which form is given to you by your employer after the end of the year? It's used to summarize your wages and taxes paid for the year.

a)

I9

b)

W4

c)

W2

d)

1040

Similar Resources on Wayground

UAS PKKwu XI

50 questions

UAS PKKwu XI

quiz

Worksheet

•

11th Grade

The Big Quiz

52 questions

The Big Quiz

quiz

Worksheet

•

6th - 12th Grade

AP Government #1

50 questions

AP Government #1

quiz

Worksheet

•

10th Grade - University

peristiwa kebangsaan masa penjajahan

50 questions

peristiwa kebangsaan masa penjajahan

quiz

Worksheet

•

9th - 12th Grade

Penilaian Harian 2 Ekonomi

50 questions

Penilaian Harian 2 Ekonomi

quiz

Worksheet

•

11th Grade

Advance Processors 1

50 questions

Advance Processors 1

quiz

Worksheet

•

12th Grade - University

verbe ER

50 questions

verbe ER

quiz

Worksheet

•

12th Grade