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WorksheetsTaxes
Total questions: 52
Worksheet time: 30mins
Who primarily uses our tax money? (hint: choose 2 correct answers)
Your employer
Large corporations
Federal and state government
Local Businesses
Our tax money is spent on all of the following EXCEPT:
Social Security
The Military
Private School Education
National Parks
Which of the following taxes is applied to wages, salaries, dividends, and interest earned?
Corporate Income Tax
Income Tax
Estate Tax
Excise Tax
The W-4 form lets...
the government know how much you paid in taxes last year
your employer know how much to withhold from your paycheck
the 3 major credit bureaus know how many dependents you have
you know how much you paid in taxes last year
What item would you DEFINITELY see on a paystub?
Retirement
Healthcare
Gross Pay
Your occupation/role
Kelsey bought a new jacket. The jacket costs $150.00. She will pay 8.25% in sales tax. How much money will she pay in sales tax?
$123.80
$12.38
$162.38
$273.80
Joe is buying a pair of jeans on sale that cost $17.95. The sales tax in his city is 6%. What is the total cost of the jeans?
$10.77
$28.72
$1.08
What are the types of taxes a person might pay?
Check all that apply.
Sales tax
Natural tax
Income tax
Property tax
Birth tax
Which of these is a progressive tax?
airport tax
income tax
property tax
sales tax
Who primarily uses our tax money? (hint: choose 2 correct answers)
Your employer
The state government
The Federal government
Local Businesses
Local Governments earn the majority of their money from...
Property tax
Sales Tax
Corporate Tax
Fees
the Federal Government earns most of its money from...
Corporate Tax
Social Security and Retirement
Individual Income Tax
Which of the following items would you pay an Excise tax on? (Select all that apply)
In the US, Taxes are levied (imposed & collected) by
Businesses that need profits
Parents
Foreign countries
Federal, State, and Local Governments
Taking payments out of your pay before you receive it.
withholding
tax return
taxable income
personal exemption
Elementary schools, police departments, and electrical service are typically paid for by
the federal government
state governments
local government
natural monopolies
Earning income can consist of salaries, wages, tips, and more.
True
False
Depending on how much money your employer took out of your paychecks, you might owe more money to the government when you file your taxes. (Tax Payment)
True
False
If too many taxes were deducted from your gross pay, the government will send you money back after you file your taxes... This is called a _________.
Pay Period
Timesheet
Tax Return or Tax Refund
True or False:
You can get a tax refund if you don't file your taxes.
True
False
A tax on property that the owner is required to pay.
Payroll Tax
Income Tax
Property Tax
Sales Tax
The W-4 form lets...
the government know how much you paid in taxes last year
your employer know how much to withhold from your paycheck
the 3 major credit bureaus know how many dependents you have
you know how much you paid in taxes last year
Who primarily uses our tax money? (hint: choose 2 correct answers)
Your employer
The state government
The Federal government
Local Businesses
The W-4 form lets...
the government know how much you paid in taxes last year
your employer know how much to withhold from your paycheck
the 3 major credit bureaus know how many dependents you have
you know how much you paid in taxes last year
The more allowances you claim on your W-4...
The more money you will see in your paycheck
The less money you will see in your paycheck
The # of allowances has no impact on your paycheck
You don't claim allowances on a W-4
The more allowances you claim on your W-4...
The more money is withheld from your paycheck
The less money is withheld from your paycheck
The # of allowances doesn't impact how much $ is withheld
You claim allowances on a W-2, not the W-4
True or False: All wages, tips, and bonuses are taxable unless specifically excluded.
True
False
Which of the following is FALSE about the W-2 form? (hint: choose 2 correct answers)
The W-2 is sent out in April 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
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
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
Who pays taxes
everybody
only those who invest in stocks
only those who watch Saturday morning cartoons
only those who earn $20,000
A person reported on a tax form whom a taxpayer supports financially (that would be you)
spouse
dependent
in-law
child
The date by which you must file your taxes is
March 15, 2019
April 15, 2019
June 1, 2019
December 31, 2019
When do you start paying taxes?
Age 18
Age 21
When you start earning money
When you purchase your first item
T or F: Schools are heavily funded on fundraisers not taxes
True
False
What determines the amount of taxes you owe or will get back?
Corporate Taxes
Tax Fraud
Tax Evasion
Tax Returns
A proportional tax...
takes a larger percent of income from high income groups (takes more from rich people).
takes the same percent of income from all income groups.
takes a larger percentage from low income groups (takes more from poor people).
Public services include welfare programs, law enforcement, regulating the economy, and public education
