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WorksheetsTaxes Review
Total questions: 24
Worksheet time: 12mins
______ income is before deductions.
Gross
Net
Taxable
Main
Gross Income - Deductions = ________
Net Income
Gross Income
Taxable Income
None of the above
When do you start paying taxes?
When you turn 18
When you turn 21
When you graduate high school
When you get your first job
What do allowances do to your taxable income?
Decreases it
Increases it
Does nothing
None of the answers
_____ form is where deductions and dependents are figured out.
W2
W4
1098
1040
______ form shows your income, taxes paid, and retirement contributions from the previous year.
W4
W2
1040
1098
What is a dependent?
Someone you are dependent on to survive
Someone who is not dependent on your income
Someone who is dependent on your income
None of the answers
It is best to lower your ______ income as much as possible.
Net
Gross
Taxable
All
The last day an employer has to send out W2s.
January 31st
March 15th
April 1st
December 31st
FICA taxes are also known as ______
Property Taxes
Sales Taxes
Income Taxes
Payroll Taxes
Medicare and __________ are a part of FICA taxes
Social Security
Income
Sales
Payroll
Which of the following is a type of employee benefit discussed in class?
Insurance
Payroll Taxes
Income
All of the answers
True or False. All states collect State income taxes.
False
True
This form is what you would use to file your taxes.
1040
1040ez
1098
W4
If my gross income is $5,000, what would be your annual gross income?
$60,000
$100,000
$30,000
$200,000
If my net income is $20,000, but I qualify for a $6,000 deduction. What is my taxable income?
$19,000
$10,000
$14,000
$5,000
_______ taxes are used to keep public schools open.
Sales
Income
Property
Payroll
There are ____ types of income taxes.
2
3
5
8
Both Traditional IRAs and 401Ks are _____
Post-Tax
Pre-Tax
Not Taxed
None of the answers
When an a retirement account is post-taxed what does that mean?
All of the dollars are taxed before they go into the account
When you withdraw money from the account you will not be taxed
This account will invest in the stock market to increase its value
All of the answers
What does IRA stand for?
Individual Retirement Account
Internal Revenue Association
Intermittent Rascals Attack
None of the answers
True or False. You should only focus on a job that pays the highest salary.
False
True
Why should you pursue more education?
More job security
More possible income
Better benefits
All of the answers
Which of the following best explains commission wages?
Set amount of money not specific to hours
Specific rate for every hour worked
Employee earns a % of sales
All of the answers
