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WorksheetsPersonal Finance - Taxes
Total questions: 18
Worksheet time: 9mins
What are the two components of Payroll Taxes?
Social Security and Medicare
Social Security and Medicaid
Medicare and Medicaid
Payroll and Sales Taxes
Taxes deducted from your paycheck can include all of the following except
state income tax
Sales tax
FICA
Federal Income Tax
Gross Income includes all of the following except
tips
child support payments received
wages
game show winnings
Which of the following is FALSE about the W-2 form? (hint: choose 2 correct answers)
The W-2 is sent out by December 31st 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
When you are ready to file for taxes you must have form
W-2
W-6
WD40
W-2484
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
How many months of expenses should be set aside for an emergency fund?
3-6 months
6-12 months
12-18 months
1-3 months
A standard deduction is
Income you receive for upholding good standards.
Is a $1,000 taken off your tax bill to reduce your tax bill.
A fixed amount all people are allowed to deduct from their AGI to reduce their tax liability.
A specific expense or expenses that, under law, can be deducted from income to reduce the amount of income subject to income tax
The purpose of deductions and exemptions is to reduce
Your Adjusted Gross Income (AGI)
Your Net Income
Your Capital Gains
Your Take Home Pay.
A Tax Return is
How much the government returns to you every year.
A formal report to the IRS that contains all the information relative to a person's income taxes for a specific year.
Is a musical group that sings about taxes.
Is a government form used to complain about being over-taxed.
An itemized deduction is
A specific expense that, under tax law, can be deducted from income to reduce the amount of income subject to income.
Items you want to give to the IRS.
A waste of time. Just take the standard deduction.
the same as a standard deduction.
An example of Capital Gains is when
You have an asset that has appreciated in value and you sell it for more than you paid for it.
You sell the Capitol building
You sell your stock for less than you paid for it.
You gain weight after eating at the capital building.
When dealing with taxes, we mainly are discussing what type of "Income"
Gross Income
Net Income
Capital Gains Income
Adjusted Gross Income
The IRS is the
Internal Reading Skill
Implement Revenue Soon
Implement Real Service
Internal Revenue Service
itemized deductions
Items in your closet
Fixed amount all people are allowed to deduct
Specific expenses that can be deducted from income to reduce taxable income
deductions that are in order.
Another name for take-home pay is
Gross Pay
Salary
Net Pay
Income
By law federal tax returns must be filed by what date?
January 1
December 31
May 2nd
April 15th
