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Income Taxes: 2021

Total questions: 20

Worksheet time: 27mins

Name
Class
Date
1.

What is the tax for taxpayers filing jointly with a combined taxable income of $134,786?

a)

$21,369.92

b)

$78,950

c)

$22, 069.50

d)

$28,950

2.

Leslie is single. Her taxable income is $80,385. How much does Leslie owe in taxes?

a)

$13,473

b)

$13,388

c)

$13, 374

d)

$13, 743

3.

Determine the tax for the filing status and taxable income amount Single $77, 602.

a)

$12,668

b)

$12,568

c)

$12,888

d)

$12,868

4.

Determine the tax for the filing status and taxable income amount head of household $83,172.

a)

$12,747

b)

$12,647

c)

$12,547

d)

$12,447

5.
Which form tells an employer how much to deduct for taxes?
a)
W2
b)
W4
c)
1099
d)
1040
6.
What is the purpose of the form W4?
a)
It is used to show interest income.
b)
It is used to complete your yearly tax return.
c)
To help employers compute the amount of income tax to withhold
d)
It shows the date you were hired.
7.
When is a W4 form filled out?
a)
When you file your taxes
b)
When you quit a job
c)
Right before you start a job
8.
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
9.
Who is responsible for providing the W2 form?
a)
You
b)
Your Employer
c)
Your bank
d)
The IRS
10.
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
11.
Which tax form provides information on how much you have earned in interest on your savings tools, such as savings accounts?
a)
W2
b)
W4
c)
1040
d)
1099-INT
12.
Which tax form must you use if you make more than $100,000 per year?
a)
1040EZ
b)
1040A
c)
1040
13.

Wages are computed by...

a)

Adding hourly rate and number of hours worked

b)

Multiplying hourly rate by number of hours worked

c)

Dividing number of hours worked by hourly rate

d)

Subtracting your hourly rate from your number of hours worked

14.

A summary of a person's earning and tax withholding for an entire year is known as the

a)

W-4 Form

b)

I9 Form

c)

1099 Form

d)

W-2 Form

15.
__________ is the deadline for employers to provide you with the W2.
a)
January 31st
b)
April 15th
c)
January 15th
d)
April 31st
16.
The government agency in charge of collecting tax.
a)
FICA
b)
IRS
c)
NBA
d)
SEC
17.
What does IRS stand for?
a)
Investment Return Service
b)
Interest Rate State
c)
Income and Rent Standard
d)
Internal Revenue Service
18.
If Mike worked 32 hours and earns $10/hour,  
his ______ is $320.
a)
Hourly Pay
b)
Gross Pay
c)
Net Pay
d)
Deductions
19.

Ron is single. His taxable income is $51,636. How much does Ron owe in taxes?

a)

$9,250

b)

$7,123

c)

$7,216

d)

$7,205

20.

Mary is filing as Head of Household. Her taxable income is $51,655. How much does Mary owe in taxes?

a)

$5,900

b)

$5,876

c)

$5,888

d)

$5,918

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