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WorksheetsPersonal Finance- Chapter 10 Taxes
Total questions: 30
Worksheet time: 15mins
Withholdings and Deductions are...
Examples of Deficit Spending
Expenses that are taken out of your paycheck
Categories of a good budget
money that the government gives back to you
The tax on the purchase of goods or services is called...
Consumption Tax
Purchase Tax
Minimum Wage
Income Tax
The money you earn hourly for your time and effort at work:
Wages
Salary
Minimum Wage
Income Tax
What does the Form W-4 estimate?
how much tax you'll owe based on your current situation
how much income you should be making
how much money you will spend in that fiscal year
how many tax returns you need to submit
Every American who earns an income must file a ____ each year
Tax deduction
Paycheck
Tax Extension
Federal tax return
If you work and earn money, you will have to pay taxes.
True
False
When you make ____ money, you will pay ____ in taxes.
More; more
More; less
Less; more
More; same amount
When you buy clothes or check out at the grocery store, you will pay ____
with your tax credit card
sales tax
excise tax
income tax
A fixed, annual rate of pay that doesn't change by working more or fewer hours is called...
Salary
Hourly wages
passive income
commission
When someone says they need to file their taxes, they're talking about filling out a...
Form W-4
Tax Liability
Federal Tax Return
Tax Bracket
What is the main IRS form that most Americans use to file their taxes?
Form 1040
Form I-9
Schedule C
Form 1099-DIV
Property tax, inheritance tax, estate tax, and gift tax are all examples of ____
Income Tax
Wealth Tax
Family Tax
Paycheck Tax
There are two general types of taxes. Taxes on the money you ____, and taxes on the money you ____.
Give; Save
Budget; Don't budget
Have; Want
Earn; Spend
When you buy specific items like cigarettes, alcohol, airline tickets, or gas, you will pay...
income tax
sales tax
tax liability
excise tax
Renting out property or selling content on a blog are examples of ____
Passive income
Active income
Salary
Portfolio Income
The deadline for filing your income tax return usually falls on...
April 15
October 13
August 15
July 4
Which of the following is most likely to need the help of a tax professional?
Salaried Workers
Minimum wage Workers
College Graduates
Self-Employed People
Only a few states have inheritance tax, which is...
tax on land, homes, and business property thats paid every year
Requires you to pay tax on an asset you receive when someone passes away
is paid if you sell an inherited gift, like a house
is applied to a gift over $15,000
Net income is also called your ____
Gross Income
Fiscal Year
Discretionary Spending
Take-Home Pay
When you pay taxes on a purchase, the seller gets to keep the money.
True
False
You can produce ____ by buying and selling stocks, bonds, mutual funds, and real estate.
a large income
tax deductions
HSA's
Portfolio/investment income
Those who properly fill out their W-4 Form shouldn't have too much or too little of taxes withheld.
True
False
Using online tax software or hiring a tax professional are both good options depending on your situation.
True
False
Wealth taxes are often dependent on ____, so it's a good idea to understand the tax rules ____.
Your community; of your neighborhood
If you went to trade school; in your particular field of study
Where you live; in your state
Your age; for your generation
Government deficit spending is a good thing because it lowers the amount of taxes that need to be collected.
True
False
Consumption tax pays for things everyone gets to enjoy, like...
A thicker wallet
Parks, Libraries, and zoos
Health insurance premiums
Privare Schools
Getting a big tax refund is not necessarily a good thing.
True
False
What is the total tax a person or business has to pay called?
Tax Return
Income Taxes
Tax Day
Tax Liability
Always keep your filed taxes for at least three years in case the IRS decides to ____ your tax return.
Audit
Review
Reject
Submit
Giving to a non profit organization can help lower your taxable income.
True
False
