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Worksheets

Taxes

Total questions: 21

Worksheet time: 15mins

Name
Class
Date
1.
The amount of money you actually receive after the deductions are taken from your gross income.
a)
Net income
b)
Deductions
c)
Wages
d)
Tax
2.
Amounts of money taken from income before you are paid.
a)
Commission
b)
Retainer
c)
Deductions
d)
Rate
3.
Total money you earn before taxes and other deductions.
a)
Salary
b)
Net income
c)
Gross income
d)
Wages
4.
This is paid to the Government once a person's income passes a set amount. 
a)
Fees
b)
Wages
c)
Tax
d)
Salary
5.
As taxable income increases, income tax rates ____
a)
increase
b)
decrease
c)
stay the same
d)
could go either way
6.
Your take home pay is also known as what?
a)
Gross Pay
b)
Net Pay
c)
Tax Exemptions
d)
Taxable Earnings
7.

This form will be sent to Lily by the end of January. She will use this W-2 form to…

a)

Obtain employment

b)

Receive her paycheck

c)

File her income taxes 

d)

Begin her retirement savings

8.

All of the following employee information is included on a W-2 form EXCEPT...

a)

Employer name and EIN (Employer Identification Number)

b)

Employee’s Social Security Number

c)

Employee’s date of birth

d)

Employee’s current address

9.

When Maxwell completes this W-4, who should he submit it to? 

a)

Big City Office Furniture

b)

The IRS

c)

No one - he keeps it for his records

d)

His spouse

10.

Taxes are collected by

a)

Businesses

b)

Parents

c)

Foreign countries

d)

Government

11.

IRS stands for

a)

Internal Revenge Service

b)

International Revenue System

c)

Internal Revenue Service

d)

Inspection Ravioli Sauce

12.

The official date for when taxes are due

a)

January 15

b)

February 15

c)

March 15

d)

April 15

13.

When you receive a new job, you are mandated to file a

a)

Complaint

b)

Divorce

c)

W-4

d)

W-2

14.

When you are ready to file for taxes you must have form

a)

W-2

b)

W-6

c)

WD40

d)

W-2484

15.

A fixed amount all people are allowed to deduct from their adjusted gross income to reduce their tax liability

a)

Standard Deduction

b)

Itemized Deduction

16.

Who pays taxes

a)

You

b)

Adults

c)

Immigrants

d)

Everyone

17.

Wages, salary and tips

a)

unearned income

b)

earned income

c)

disposable income

18.

Income that has not been worked for such as interest, dividends, or gambling winnings

a)

disposable income

b)

unearned income

c)

earned income

d)

workers compensation

19.

Jay filed his taxes and found out he owes money. What is the most reasonable explanation as to why he owes money in taxes?

a)

Not enough money was withheld from his paychecks.

b)

Too much money was withheld from his paychecks.

c)

When filing his taxes, Jay accidentally checked “Married filing jointly” instead of “Single”.

d)

The IRS is asking Jay for a future advance on his possible taxes for next year.

20.

The Federal government spends the most amount of tax money on...

a)

Science

b)

Veterans

c)

Education

d)

Health

21.

All of the following are factors that impact the amount someone may pay in taxes EXCEPT...

a)

Income

b)

Political party

c)

State

d)

Marital status