WorksheetsUnit 4-Taxes Review
Total questions: 10
Worksheet time: 5mins
The Federal government spends the most amount of tax money on...
education
science
transportation
health
All of the following are factors that impact the amount someone may pay in taxes EXCEPT...
income
state
marital status
political party
Which of the following is the largest source of income for the Federal government?
payroll tax
corporate tax
property tax
income tax
Hope's employer deposits her paycheck directly into her checking account. How much would her employer have deposited into Hope's checking account on the most recent payday of 5/21/20?
$40.00
$284.79
$315.21
$600.00
What was the TOTAL amount deducted from Hope's latest paycheck?
$600.00
$315.21
$284.79
$90.00
Why should you complete a W-4 form any time you start a new job or change your tax status?
You need a copy of your W-4 to file your tax return annually
Your W-4 determines how much Federal income tax money your employer should withhold
Your W-4 determines your total tax bill at the end of the year
Completing a W-4 will guarantee you receive a large tax refund
Which of the statements about the current U.S. tax system is TRUE?
Your friend tells you his marginal tax rate is 35%. That means that he pays 35% on all of his income.
Everyone in the US who makes more than the minimum income requirement pays one flat tax rate.
Our current system is described as a progressive system because it imposes higher rates on those who earn more.
Our current system is described as a regressive system because it imposes higher rates on those who earn less.
Which person should expect to receive a W-2 form from their employer by January 31, 2021?
Nancy, who has sold handcrafted vases online for the past 5 years
Henry, whose first job started on January 10, 2021
Sally, who did an unpaid internship in summer 2020 for a local newspaper
Sue, who has worked for the same department store for the last 15 years
All of the following information should appear on your W-2 form EXCEPT...
Your name, address, and employer information
Your interest earned on savings and investments
Your wages, tips, and compensation from that particular employer
The amount you paid during the last year for Medicare and Social Security
What were Lily’s gross wages for this period?
$1,722.44
$2,480.17
$14,450
$16,172.44
