WorksheetsTaxes Unit Test Review
Total questions: 30
Worksheet time: 15mins
Who primarily uses our tax money? (hint: choose 2 correct answers)
Your employer
The state government
The Federal government
Local Businesses
Our tax money is spent on all of the following EXCEPT:
Social Security
The Military
Private School Education
National Parks
Which of the following is NOT a category in the Federal government's spending?
Mandatory spending
Discretionary spending
Interest on loans issued
Interest on national debt
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
Jess is 21, in college, & has a job that provides 65% of her support. Is she a dependent?
Yes
No
What item would you DEFINITELY see on a paystub?
Retirement
Healthcare
Gross Pay
Your occupation/role
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 of the following are the three largest categories of federal government spending?
infrastructure, defense, science
education, defense, food/agriculture
health, military, interest on debt
military, education, science
What does the term "withholding" mean in reference to your paycheck?
it is the amount of your paycheck that you are NOT being taxed on
it is how much is being taken out of your paycheck in taxes
it is how much you are going to owe the government when you file your annual tax return
it is how much you earn and includes salary, bonus and commissions
Why is it important to be extremely careful when completing your 1040 form?
it determines whether you owe additional taxes or are entitled to receive a refund from the government
making even one mistake on your federal taxes can result in your being convicted of a crime
completing the 1040 form incorrectly will mean the wrong amount of taxes will be withheld form your paychecks going forward
mistakes on your 1040 form make you ineligible for employment during the next year
You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for federal and state income taxes?
W-2
1099
W-4
I-9
What form am I? I am received when you start a job. You use me to prove that you are eligible to work in the US, and you must provide forms of identification when submitting me.
I-9
1099
1040
W-4
What tax form am I/ I am received in January. There is one of me for every employer that you worked for in the previous year. I have information on how much you earned and how much you paid in taxes for the previous calendar year.
1040
I-9
W-4
W-2
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
A fixed amount all people are allowed to deduct from their adjusted gross income to reduce their tax liability
Standard Deduction
Itemized Deduction
Which of the following reduces your tax liability dollar for dollar?
Standard Deduction
Tax Credit
Adjusted Gross Income
Pre-tax Contributions
The more money you earn the more taxes you pay is true of what kind of tax system?
Federal Insurance Contribution Act
Progressive Tax
Regressive Tax
Flat Tax
Gross Pay is ___________ taxes and deductions; Net Pay is ___________ taxes and deductions.
BEFORE; AFTER
AFTER; BEFORE
A system in which the tax burden is put on the wealthy.
Federal Insurance Contributions Act
Progressive tax system
Regressive tax system
Flat tax system
Which of the following are the three largest categories of federal government spending?
infrastructure, defense, science
education, defense, food/agriculture
health, military, interest on debt
military, education, science
What does the term "withholding" mean in reference to your paycheck?
it is the amount of your paycheck that you are NOT being taxed on
it is how much is being taken out of your paycheck in taxes
it is how much you are going to owe the government when you file your annual tax return
it is how much you earn and includes salary, bonus and commissions
Why is it important to be extremely careful when completing your 1040 form?
it determines whether you owe additional taxes or are entitled to receive a refund from the government
making even one mistake on your federal taxes can result in your being convicted of a crime
completing the 1040 form incorrectly will mean the wrong amount of taxes will be withheld form your paychecks going forward
mistakes on your 1040 form make you ineligible for employment during the next year
You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for federal and state income taxes?
W-2
1099
W-4
I-9
What form am I? I am received when you start a job. You use me to prove that you are eligible to work in the US, and you must provide forms of identification when submitting me.
I-9
1099
1040
W-4
What tax form am I? I am received in January. There is one of me for every employer that you worked for in the previous year. I have information on how much you earned and how much you paid in taxes for the previous calendar year.
1040
I-9
W-4
W-2
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
A fixed amount all people are allowed to deduct from their adjusted gross income to reduce their tax liability
Standard Deduction
Itemized Deduction
The more money you earn the more taxes you pay is true of what kind of tax system?
Federal Insurance Contribution Act
Progressive Tax
Regressive Tax
Flat Tax
Gross Pay is ___________ taxes and deductions; Net Pay is ___________ taxes and deductions.
BEFORE; AFTER
AFTER; BEFORE
