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WorksheetsUnit 7: Income and Taxes
Total questions: 49
Worksheet time: 27mins
Income from working
Passive Income
Portfolio Income
Earned Income
Investment
Earnings paid to an employee based on an hourly rate.
Commission
Salary
Wages
Deductions
An employee's fixed agreed yearly income.
Commission
Salary
Wages
Deductions
Janet makes $78K a year as an entry-level engineer. What type of Earned Income is this?
Commission
Salary
Wages
Deductions
A deduction is
gross income
money added to your income
net income
money taken out of your income
Gross income is:
the total amount of money you earn
the amount of money you receive after decuctions are subtracted
the total amount of money you spend
sales taxes on items you buy
Louise earns $48,800 a year, how can much does she earn per month?
$90
$406
$4066
$938.46
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
What item would you DEFINITELY see on a paystub?
Retirement
Healthcare
Gross Pay
Your occupation/role
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.
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 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
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
consumption tax imposed by the government on the sale of goods and services
Sales tax
Income tax
luxury tax
What form will your employer send you BEFORE January 31st that summarizes your income and taxes withheld
1040
W-4
W-2
What does line 1 represent?
Gross income
Taxes paid
Net income
The standard deduction for someone married and filing jointly is...
$12,550
$18,800
$25,100
Which line represent taxable income?
12a
15
11
You should look at your ___ to find how much taxes were withheld
1040
1099-INT
W-2
The goal of a budget is _________________.
to spend more than you make
to spend less than you make
Rent and car insurance payments are both which type of expenses?
fixed costs that are needs
fixed costs that are wants
variable costs that are needs
variable costs that are wants
Cory's budget shows a problem. His weekly expenses average $10 more than his earnings. Coryworks 5 days a week and every day on his way to work, he spends $2.50 on hot chocolate. Will cutting out the hot chocolate help Ellis balance his budget?
Yes, and he will have some money left ove
Yes, the amount he saves will balance his budget exactly.
No, Ellis will have to find other places to cut.
What is A on the check?
check number
date check was written
Name and address of the checking account holder
What is B on the check?
bank ID number
date check was written
check number
What is C on the check?
check number
bank ID numbers
amount of check in numbers
What is E on the check?
signature
amount of check in numbers
account number
What is F on the check?
signature
purpose of the check
account number
What is G on the check?
purpose of the check
account number
amount of check in words
What is H on the check?
amount of check in words
company or person being paid
purpose of the check
What is I on the check?
company or person being paid
name and address of the account holder
amount of check in words
What is J on the check?
company or person being paid
name and address of the account holder
date the check is written
What type of tax system has a percentage of income paid in taxes that remains the same for all income levels?
Progressive Tax
Regressive Tax
Proportional Tax
None of the above
Which tax system is characterized by a decreasing percentage of income paid in taxes as income increases?
Progressive Tax
Regressive Tax
Proportional Tax
None of the above
In which tax system does the percentage of income paid in taxes increase as income increases?
Progressive Tax
Regressive Tax
Proportional Tax
None of the above
According to the scenario, why does a regressive tax hurt the teacher more than Jeff Bezos?
Because the teacher has a higher net worth
Because Jeff Bezos has a higher income
Because the teacher makes far less than Jeff Bezos
Because the tax rate is higher for the teacher
In which tax system do the rich bear the burden?
Progressive
Regressive
Progressive
Flat
