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WorksheetsTax Types and Documents
Total questions: 24
Worksheet time: 12mins
What are the types of taxes a person might pay?
Check all that apply.
Sales tax
Natural tax
Income tax
Property tax
Birth tax
Which of these is a progressive tax?
airport tax
income tax
property tax
sales tax
Who primarily uses our tax money? (hint: choose 2 correct answers)
Your employer
The state government
The Federal government
Local Businesses
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
What types of taxes contribute to Federal tax revenue? ( hint: choose 4 correct answers :)
Corporate Income Tax
Income Tax
Estate Tax
Excise Tax
A _____________tax may at first appear to be a fair way of taxing citizens because everyone, regardless of income level, pays the percentage. By taking a closer look, it is easy to see that such a tax causes lower-income people to pay a larger share of their income than wealthier people pay
Proportional taxes are taxes that stay the same regardless of a person's or business's income. For example, some sales taxes are considered proportional because a tax rate of 8% in a certain state would apply to all customers in that state and take the same fraction of their ________.
Local Governments earn the majority of their money from...
Property tax
Sales Tax
Corporate Tax
Fees
the Federal Government earns most of its money from...
Corporate Tax
Social Security and Retirement
Individual Income Tax
the State of Tennessee earns most of its money from...
Property Tax
Sales Tax
Income Tax
Excise Tax
Which of the following items would you pay an Excise tax on? (Select all that apply)
Defense Spending falls under the category of...
Mandatory Spending
Discretionary Spending
The Wage and Tax Statement is the document an employer is required to send to each employee and the Internal Revenue Service (IRS) at the end of the year. It reports employees' annual wages and the amount of taxes withheld from their paychecks.
Branding
W2
W4
Paycheck
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
What do you need to file your 1040 form?
Your W-2
Your W-4
Your prior year's tax return
Income of $50,000 or more
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
