WorksheetsModule 3 Quiz on Taxes
Total questions: 21
Worksheet time: 21mins
The money collected from our taxes is spent on all of the following EXCEPT:
The military
National Parks
Social Sec
Private School Education
The W-4 Form lets
the government know how much you paid in taxes last year
your employer know how much to withhold from your paycheck
the 3 major credit bureaus know how many dependents you have
you know how much you paid in taxes last year
The more allowances you claim on your W-4
The more money you will see in your paycheck
The less money you will see in your paycheck
You don't claim allowances on a W-4
The # of allowances has no impact on your paycheck
What item would you DEFINITELY see on a paystub?
Retirement Options
Gross Pay
Healthcare Options
Home buying options
Which of the following is FALSE about the W-2 form?
You get 1 W-2 form every year, even if you had multiple jobs
The W-2 is sent out by the end of January every year
It lets you know how much you earned last year
It lets you know how much was withheld from your paychecks
Which of the following is NOT a way you can file your taxes each year?
Through a tax professional
Using tax software like TurboTax
Mailing in a paper tax return to the Federal government
Through your employer's HR department
Luisa earned $1,200 at her part-time job and $500 from babysitting in cash. Which statement is true?
She will report her total income as $1,700.
She will report her total income as $1,200.
She will report her total income as $500.
Luisa is required to file a tax return.
Which of the statements below is TRUE about filing your taxes?
You need to file your taxes by December 31.
You must file by April 15 of the following year.
Your employer submits it for you.
You do not have to file taxes.
Sarah and Steve both make the same amount of money but pay different amounts in taxes? Which of the following could be possible reasons for this.
They live in different states
Steve is married w/kids, Sarah is single and ready to mingle
Steve is older
Steve is a Democrat, Sarah is a Republican
Who pays Payroll tax?
Employees and Employers
Employers only
Employees only
Corporations only
The amount of income you actually get to take home, AFTER taxes are taken out, is called?
Net Income
Gross Income
Income tax
FICA
Sally owns a gas station. What type of tax will she have to pay on that land?
Gas tax
Property tax
Business tax
Income tax
Tony bought a new boat. He had to pay which kind of tax on his new boat?
Sales tax
Property tax
Income tax
Sin tax
Which income tax structure is used by the Federal Government in the United States?
Progressive tax
Proportional tax
Regressive tax
Aggressive tax
A proportional income tax takes the same percentage of income from all income groups.
True
False
Which of the following is an example of a regressive tax?
state driver's license fee
federal income tax
inheritance tax
state income tax
What is the federal income tax rate that is withheld from a paycheck?
7.65%
It depends on the information on your W-4 and your salary
6.2%
25%
When the amount of taxes withheld is greater than your tax liability (the amount you need to pay), you
receive a tax refund
receive a tax return
pay a tax bill
receive a W-2
All of the following are deductions you would see on a paycheck EXCEPT
health insurance
property taxes
social security
401(k)
Our federal income tax is a proportional tax.
True
False
Which 2 entities primarily uses our taxes money? (Select all that apply)
The state
The Federal Government
Your employer
Local businesses
