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WorksheetsWhere did my Money Go?
Total questions: 18
Worksheet time: 20mins
when a group of people form a business or organization and have rights and liabilities separate from the individuals involved
Corporation
Shareholder
Asset
Liability
What government department collects personal income tax?
Federal Government
IRS
Social Security Division
Congress
What are the four most common taxes that come out of a person’s payroll check?
Federal Income Tax
State Income Tax
City/Local Income Tax
Medicare Tax
Social Security
Money earned before deductions
Net Pay
Gross Pay
Net Tax
Gross Tax
withheld from an employee’s wages or salary
disposable income
payroll taxes
workers compensation
earned income
Required payments to a government
Variable Cost
Gross Monthly Income
Taxes
Income
What is a W-2?
Form your employer (boss) sends to you at the end of the year with the summary of what you have earned.
Form you fill to determine how much money your employer(boss) will take from your check.
Form that tells you how much your employer (boss) withheld from your check for the pay period.
Form that informs everyone of your address and social security number.
An organized group that is determined to encourage or prevent changes in public policy.
advocacy group
special Interest group
lobbying group
pressure goup
All of the above
Sales tax is...
A tax on the selling price of an item or service you purchase.
Are objects you use to pin up a sale sign.
A tax that is added to the balance of a savings account.
This is a tax on each person’s earnings to finance the government's operations.
estate tax
property tax
sales tax
income tax
Every level of government requires revenue ($) to pay for ___ goods and services provided by the government.
Government
Public
Private
Special
What are the 3 types of taxes? (You must select all 3!)
Income Tax
Property Tax
Tea Tax
Sales Tax
Stamp Tax
What is the major source of revenue for the US federal government?
Income tax
Sales tax
Property tax
What kind of tax is Value Added Tax?
Depends upon the types of goods and services
Direct tax
consumption tax
None of the above
Progressive Income tax...
applies equally to every purchase.
applies equally to every income.
based on a taxpayer's income.
based on a taxpayer's consumption
The day at which point individuals have worked long enough in the year to pay their entire tax bill
April 15
December 31
Tax Freedom Day
Independence day
