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WorksheetsFin Lit (Taxes)
Total questions: 20
Worksheet time: 11mins
In the United States, taxes are collected by the:
IRS
FBI
Supreme Court
President of the US
The standard Internal Revenue Service (IRS) form that individuals can use to file their annual income tax returns.
W-2
W-4
1040
1099-INT
A form completed by an employee to indicate his or her tax situation (exemptions, marital status, etc.) to the employer, who then withholds the corresponding amount of taxes from each paycheck.
W-2
W-4
1040
1099-INT
Form that an employer must send to an employee (usually in January) and the IRS at the end of the year to report the employee's annual wages and taxes withheld from their paycheck
W-2
W-4
1040
1099-INT
Withholding
The portion of an employee's wages that is not included in their paycheck because it goes directly to federal, state and local taxes
A government-run insurance program that provides healthcare assistance to elderly and disabled Americans
A range of income amounts that are taxed at a particular rate
The tax bracket that your highest dollar of income falls into, and therefore the highest tax rate you pay
When it comes to taking taxes out of a person's paycheck, the saying is...
Everyone pays the same amount, no matter how rich or poor.
The more you make, the more they take.
All for one and one for all!
Everyone pays half their paycheck
Stewie had his employer withhold the maximum amount of taxes per paycheck, so Stewie likely overpaid the government for taxes this year, meaning he will _______.
get a refund
owe the government
hire an accountant
go to prison for tax evasion
What is the standard deduction for a single taxpayer with no dependents?
12,550
24,800
18,650
5,000
Which of the following criteria describe a "dependent?"
Is under 19, or under age 24 and a full-time student, or permanently disabled at any age
Lives with you more than 50% of the year
Doesn’t provide more than half of his or her own financial support
all of the above
A W-2 will be sent to Lily by the end of January. She will use this form to...
obtain employment
receive her paycheck
file her taxes
begin her retirement savings account
What document reports interest income?
W-2
W-4
1040
1099-INT
Federal Income Tax
Used to support government programs such as military defense and public services
Any income (wages/salary) that is generated by working
A federal tax form filled out by an employee to indicate the amount that should be withheld from his/her paycheck for taxes
Summary of the income you earned during the year and all amounts the employer withheld for taxes
Which of these is NOT a tax that would be automatically withheld from your paycheck?
sales tax
federal income tax
state income tax
social security tax
The total amount of money you earn, before taxes and deductions are taken out, is your...
net pay
gross pay
take home pay
taxable income
The money you get to keep from each paycheck, after taxes and other deductions are taken out, is called...
net income
gross income
taxable income
disposable income
Social Security
social insurance system that provides benefits to most Americans who are retired, sick, or too disabled to work, and to families of workers who have died
A business cost that increases or decreases, such as labor
The things you like and enjoy doing
A social insurance program that extends health coverage to almost all Americans age 65 and over
When is Tax Day?
(a)
What tax forms would you need to complete your taxes? (Select all that apply).
W-2
1040
1099-INT
Driver's License
What is the current tax rate for Social Security?
1.45%
5%
6.2%
7.65%
What is the current tax rate for Medicare?
1.45%
5%
6.2%
7.65%
