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Personal Finance | Topic 5 Income & Taxes Quiz

Total questions: 15

Worksheet time: 11mins

Name
Class
Date
1.

Match the following Tax Forms

a)
  • I am received in January

  • There is one of me for every job you work

  • You can tell how much you earned and how much you paid in taxes by reading me

1.

W-2

b)
  • I am completed every April

  • Form used to File your taxes

2.

1040

c)
  • I am received whenever you start a job

  • You list information about yourself and your family on me

  • I determine how much money gets taken out of each paycheck

3.

W-4

d)
  • I am received whenever you start a job

  • You use me to prove that you are eligible to work in the U.S.

  • You must provide forms of identification when submitting me

  • Used in Identify Verification

4.

I-9

e)
  • I am received in January

  • You get me if you are not an employee but were paid by a company

  • You can also get me for other types of income, such as gains and losses in brokerage accounts, dividend and interest payments, and more

  • You probably didn’t get taxes withheld if you got me, so you may have a big tax bill coming up

5.

1099

2.

Which of the following is NOT a type of Income

a)

Earned Income

b)

Passive Income

c)

Portfolio Income

d)

Gift Income

3.

Which of the following are included in FICA

a)

Federal Income Tax

b)

State Income State

c)

Social Security Tax

d)

Medicare Tax

4.

What date is Tax Day?

a)

January 31st

b)

April 15th

c)

April 1st

d)

December 25th

5.

a report that a taxpayer has to submit annually to the government and is used to determine a person's tax liability

a)

Gross Income

b)

Net Income

c)

Tax Credit

d)

Tax Return

6.

the amount you earn before taxes and other payroll deductions

a)

Earned Income

b)

Net Income

c)

Taxable Income

d)

Gross Income

7.

what a person earns after payroll taxes and other deductions are taken out; often referred to as take-home pay

a)

Net Income

b)

Earned Income

c)

Gross Income

d)

Gross Profit

8.

any income (wages/salary) that is generated by the work someone performs

a)

Gross Income

b)

Earned Income

c)

Portfolio Income

d)

Taxable Income

9.

the portion of an employee's pay held back to cover taxes and other deductions

a)

Fixed Spending

b)

Budgets

c)

Deductions

d)

Withholding

10.

How much is the gross pay?

(a)  

11.

How much is the net pay?

(a)  

12.

How much was the Wages, tips, and other compensations in Box 1?

(a)  

13.

How much was Federal Income Tax Withheld?

(a)  

14.

What form is this?

a)

W-2

b)

W-4

c)

1040

d)

I-9

15.

Which form is this?

a)

W-2

b)

WD-40

c)

W-4

d)

1040