Font size
WorksheetsChapter 7 - Taxes & Government Spending
Total questions: 61
Worksheet time: 33mins
Which is TRUE if you do not pay your taxes?
You owe twice as much the following year
You're more likely to be approved for low interest loans
You cannot go to jail (but you will be heavily fined)
Your credit score may be impacted
Our tax money is spent on all of the following EXCEPT:
Social Security
The Military
Private School Education
National Parks
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
True or False: All wages, tips, and bonuses are taxable unless specifically excluded.
True
False
Jason is 15 and earned $1450 at his job last summer. Should he file a tax return?
No, because he didn't earn enough.
No, because you have to be 16 and older to file taxes.
Yes, because he may get a refund.
Yes. You must file taxes even if you didn't earn enough.
Which of the following is NOT a way you can file your taxes?
Through a tax professional
Mailing in a paper tax return to the Federal government
Using tax software like TurboTax
Through your employer's HR department
True or False: A teen's earned income can be reported on a parent's tax return.
True
False
If a teen files a tax return, can the parent still claim him/her as a dependent?
Yes. All teens are dependents until they are 18 years old
No. If a teen files a tax return, he/she cannot be claimed
Yes, as long as the teen meets the dependency requirements
Yes, but the parent has to add the teen's income to theirs
Luisa earned $1,200 at her part-time job, and $500 from babysitting in cash. Which 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.
Who primarily uses our tax money? (hint: choose 2 correct answers)
Your employer
The state government
The Federal government
Local Businesses
What types of taxes contribute to Federal tax revenue? ( hint: choose 4 correct answers :)
Corporate Income Tax
Income Tax
Estate Tax
Excise Tax
Which of the following is FALSE about the W-2 form? (hint: choose 2 correct answers)
The W-2 is sent out in April of every year
It lets you know how much you earned last year
It lets you know how much was withheld from your paychecks
You get 1 W-2 form every year, even if you had multiple jobs
What do you need to file your 1040 form? (hint: choose 2 correct answers)
Your W-2
Your W-4
Your prior year's tax return
Social Security Number
Which is TRUE about earned income and unearned income? (hint: choose 2 correct answers)
Earned is how much you make from a job
Earned is any money you make in interest, dividends, etc.
Unearned is any money you make in interest, dividends, etc
Unearned is how much you make from a job
Jason filed his tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?
April 15th
October 15th
December 31st
January 1st of the next year
Taxes are collected by
Businesses
Parents
Foreign countries
Government
IRS stands for
Internal Revenge Service
International Revenue System
Internal Revenue Service
Inspection Ravioli Sauce
Federal Contribution Insurance Act (FICA) are withheld from your paycheck and sent to the government. These are used for (Two answers are to be selected)
Social Security
State
Medicare
Sale
When you receive a new job, you are mandated to file a
Complaint
Divorce
W-4
W-2
When you are ready to file for taxes you must have form
W-2
W-6
WD40
W-2484
The easy way to file for taxes is using form
1800
1745
1999EZ
1040EZ
The two common filing status are
Single
Married
Both A and B
Neither A or B
A fixed amount all people are allowed to deduct from their adjusted gross income to reduce their tax liability
Standard Deduction
Itemized Deduction
A specific expenses that, under tax law, can be deducted from income to reduce the amount of income subject to income tax
Standard Deduction
Itemized Deduction
Who pays taxes
You
Adults
Immigrants
Everyone
What is the major component of government spending?
Income Tax
Transfer Payment
Government borrowing
fiscal deficit
------- is a one-way payment to a person or organization which has given or exchanged no goods or services for it
(a)
Where does government get money for the economy? (select all which may apply)
other countries
citizen taxes
the president
new legislation
business taxes
1. Which is MOST LIKELY a responsibility of a local government in South Carolina?
collecting taxes
patrolling state highways
maintaining the constitution
overseeing Georgia’s food supply
2. South Carolina's sales tax is 6%. However, some places in South Carolina charge a higher rate of sales tax. This is MOST LIKELY because
the sales tax rate is determined by how much money a buyer makes per year.
shipping goods to some cities/counties can be extremely expensive.
cities/counties can add a certain percentage to sales tax for their own needs.
sellers can charge whatever they want as long as the minimum state rate is collected.
3. Which item is the BEST example of a public good or service?
education
movie theaters
television
shopping malls
4. Local governments generally receive their highest amounts of revenue from
federal government
property taxes.
driver’s license fees.
excise taxes.
6. Property taxes, fees, and lottery funds are all
forms of state revenue.
Involuntary contributions.
voluntary contributions.
forms of national revenue.
7. The general sales tax is placed on customer purchases of most items bought at retail stores. The sales tax is a percentage of the price of an item. The state revenue department collects all of the sales tax revenue and returns the local portion to the appropriate counties, cities, and school systems. Based on this information, what would happen if the sales tax were cut?
Businesses would become less profitable.
The state would lose a majority of its funding.
Property taxes would also be cut.
Funding for schools would be reduced.
8. The state of South Carolina provides services like education, road maintenance, and environmental protection to all of its citizens. Where does the majority of the revenue for such services come from?
private businesses
the federal government
the state treasury
taxes paid by the citizens
