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WorksheetsUnit 5 Review
Total questions: 15
Worksheet time: 11mins
The federal government's major source of income is:
coporate income tax
personal income tax
tariffs
sales tax
What does the term "withholding" mean in reference to your paycheck?
It is the amount of your paycheck that you are NOT being taxed on.
It is how much is being taken out of your paycheck in taxes.
It is how much you are going to owe the government in taxes.
It is how much you earn and includes salary, bonus and commissions.
Eric Wilhelm's tax year ends on December 31. Eric's due date for filing his personal income tax return is:
January 1
February 15
March 15
April 15
The portion of the FICA tax that assists the retired population with their health and hospital care is known as:
Medicare
Medicaid
Retirement benefits
Disability benefit
A characteristic of the W-4 form is:
it is mailed to you by your bank or savings institution
claiming less exemptions decreases your withholdings
you attach a copy to your tax return
claiming less exemptions increases your withholdings
This form is sent by your employer by January 31st to report income and taxes withheld:
Form W-2
Form W-4
Form 1040
Form 1099
The purpose of this form is to tell your employer the number of allowances you are claiming to calculate the amount of tax withholding.
1040
1099
W-2
W-4
This form is sent by a bank to those who earned interest on their savings with a second copy to the IRS.
1040
1099
W-2
W-4
This past year you worked at the Gap, Soldier Field, and Jimmy Johns and earned interest at a Savings Bank. Which document(s) will you need to complete your 1040 tax return?
W-4 form
W-4 and 1099 forms
W-2 and 1099 forms
W-2 forms
Which of the following terms does this definition describe:
Based on marital status and family situation: Determines the rate at which income is taxed: Single, Married filing jointly, Married filing single, Head of Household.
Social Security Tax
Federal Income Tax
Filing Status
Medicare Tax
Which of the following terms does this definition describe:
Monies taken from your paycheck (and your employers) each for retirement funds (6.2%).
Social Security Tax
Federal Income Tax
Filing Status
Medicare Tax
Which of the following terms does this definition describe:
Monies taken from your paycheck that is given to the Federal Government for Federal Services.
Social Security Tax
Federal Income Tax
Filing Status
Medicare Tax
Which of the following terms does this definition describe:
Monies taken from your paycheck (and your employer) for retirement health care services (1.45%).
Social Security Tax
Federal Income Tax
Filing Status
Medicare Tax
A dependent is someone who:
relies on someone else to provide a quarter or less of their financial support
relies on someone else to provide more than half of their financial support.
is able to financially support themselves fully.
provides financial support for someone else.
Which of the following are the three largest categories of federal government spending?
infrastructure (nondefense), defense, and health
health, military, and interest on debt
veterans, infrastructure (nondefense), and education
education, defense, and food/agriculture
