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WorksheetsEarned Income & Taxes Review
Total questions: 29
Worksheet time: 15mins
True or False: Keeping a log of business expenses is an example of tax avoidance.
True
False
True or False: A taxpayer cannot claim a personal exemption on his or her own tax return when he or she can be claimed as a dependent on another taxpayer's return.
True
False
True or False: The point of the excise tax is to discourage the purchase of goods that do not promote consumers' health.
True
False
True or False: An exemption increases the income that is subject to be taxed.
True
False
True or False: Allowances are additions to the amount of income tax that must be withheld from you paycheck.
True
False
True or False: It is customary for employees to receive three to ten days a year as "sick days" without deductions from pay.
True
False
True or False: The process of negotiating a work contract for union members is called bargaining.
True
False
When preparing a budget, you need to focus mostly on your
Gross income
Net income
Disposable income
Taxable income
Which of the following benefits are employers required by law to provide?
child care
paid vacations
worker's compensation
all of them are correct
Money offered to encourage employees to strive for higher levels of performance is called ___ pay.
bribe
overtime
incentive
benefit
Because the IRS respects the taxpayer;s right to ____, only authorized tax officials cans ee a taxpayer's return.
Appeal
Courteous service
representation
privacy
If a taxpayer disagrees with the IRS about tax liability after an examination or audit, the taxpayer can ask the ____ to review the case.
court
Congress
police
state
Most tax returns are
rejected by the IRS
selected for examination
appealed by taxpayers
accepted as filed
Which of the following is NOT reported on the form W-2?
Wages, tips, and other compensation
Federal income tax withheld
Medicare tax withheld
The number of withholding allowances claimed by the employee on Form W-4
Employers use which form to compute the amount of federal income tax to withhold?
Form W-4
Form W-2
Form 1040EZ
None of these are correct
A progressive tax takes the largest percentage of income from which group?
middle-income
low-income
high-income
no income
What do Social Security taxes pay for?
wages to federal workers and military personnel
support for people who are temporarily unemployed
transportation and training expenses for low-income people
benefits to older citizens and people with certain disabilities
Who pays unemployment taxes?
unemployed people
the federal government
employers
employees
Which of the following are NOT needed at the tax preparer’s office?
pay stub
a list of medical expenses
rental/lease agreement
a list of dependents and social security numbers
What does IRS stand for?
International Revenue Service
Income Revenue Service
Internal Revenue Service
None are correct
Wage and tax Statement
Audit
Overtime
Incentive
W-2
Deadline to file an income tax form.
April 15
June 11
May 25
December 25
Money offered to encourage employees to strive for higher levels of performance is called ______ pay.
Audit
Gross
Overtime
Incentive
A work schedule that fits the normal 40-hour workweek into less than five days is called ______ workweek.
Compressed
Overtime
Incentive
Net Pay
Used to pay for schools, defense and roads.
Gross Pay
Net Pay
Taxes
Incentives
_____ is time worked beyond the regular hours.
Net Pay
Overtime
Gross Pay
Taxes
Take home pay.
Overtime
Compressed
Net Pay
Gross Pay
An examination of a business or individual tax return by the Internal Revenue Service.
Revenue
IRS
Audit
Judgement
The total amount you earn before any deductions are subtracted is called ______ pay.
Overtime
Gross Pay
Net Pay
Withholdings
