WorksheetsTax Unit Review
Total questions: 43
Worksheet time: 19mins
For each of the taxes listed, circle who contributes to the tax for the employee. Federal Income Tax:
Employer
Employee
Both Employer & Employee
For each of the taxes listed, circle who contributes to the tax for the employee. Social Security:
Employer
Employee
Both Employer & Employee
For each of the taxes listed, circle who contributes to the tax for the employee. State Income Tax:
Employer
Employee
Both Employer & Employee
For each of the taxes listed, circle who contributes to the tax for the employee. FUTA:
Employer
Employee
Both Employer & Employee
For each of the taxes listed, circle who contributes to the tax for the employee. Medicare:
Employer
Employee
Both Employer & Employee
For each of the taxes listed, circle who contributes to the tax for the employee. SUTA:
Employer
Employee
Both Employer & Employee
The common misconception of marginal tax rates is ___. (Select all that apply)
One is taxed more than they should.
One is taxed on fully at the top bracket your income falls into.
One is taxed on their full earnings.
One is taxed as much as someone making a lot of money.
The W-2 must be postmarked by the employer by (a) .
The tax rate for social security is (a) .
The tax rate for medicare is (a) .
IRS stands for ___.
Income taxes are due (a) .
Tips are subject to tax?
True
False
One does not need any items to complete their income taxes.
True
False
If I make less than the standard deduction I don’t legally have to file taxes.
True
False
If I file exempt on my W-4 I will have federal income tax withheld.
True
False
If I have more than one job I will receive one W-2 from my primary employer.
True
False
The percentage at which taxes are paid on each dollar of income
Tax Rate
Regressive Tax
Progressive Tax
Marginal Tax Rate
A tax system that uses tax brackets to collect a larger percentage from the income of high-income earners than it does from low-income earners
Regressive Tax
Progressive Tax
Progressive Tax
Effective Tax Rate
Total earnings after payroll taxes and other deductions have been taken out; also called take-home pay
Salary
Net Income/Wages
Gross Income/Wages
Payroll Deduction
Taken from the employees payroll before taxes are calculated & withheld.
Gross Wages
Tax Deductions
Tax Credit
Pretax Deductions
Federal unemployment
FUTA
SUTA
Federal Income
State Income
The amount of income that is used to calculate an individual's or a company's income tax due
Tax Bracket
Tax Rate
Taxable Income
Tax Credit
This tax is made up of both medicare and social security taxes
Marginal Tax
Payroll Tax
Income Tax
Effective Tax
A federal law that requires an employer to withhold taxes from the wages they pay their employees; the funds go toward Social Security and Medicare
SUTA
FICA
FUTA
Earned Income
The actual percentage of your taxable income that you end up paying in taxes.
Effective Tax
Marginal Tax
Progressive Tax
Proportional Tax
A court ordered mandatory payroll deduction taken by your employer
Deductions
Payroll Tax
Garnishment
Income Tax
A range of income amounts that are taxed at a particular rate
Tax Bracket
Tax Rate
Tax Credit
Gross Wages
This tax is made up of federal and state taxes
FICA
Income tax
Payroll Tax
Tax return
State unemployment
Social Security
SUTA
FUTA
Medicare
A standardized dollar amount that reduces your taxable income, specifically for individuals who do not receive additional benefit by itemizing their deductions into medical expenses, donations, etc.
Pre-tax deduction
Tax Deduction
Tax Credit
Standard Deduction
an income tax system that levies the same percentage tax to everyone regardless of income.
Regressive Tax
Proportional Tax
Progressive Tax
Income Tax
a type of tax that is assessed regardless of income, in which low- and high-income earners pay the same dollar amount
Regressive Tax
Proportional Tax
Progressive Tax
Income Tax
An annual report to the IRS summarizing total income, deductions, and the taxes withheld by employers
Tax Return
Income received from sources other than employment
Any income (wages/salary) that is generated by working
The highest tax bracket that your taxable income falls in.
Marginal Tax Rate
Effective Tax Rate
An amount subtracted directly from the tax owed
Tax Credit
Tax Deduction
Pre-tax deduction
Tax Rate
Someone you financially support who can be "claimed" on a tax return to reduce your taxable income and lower your taxes
Total earnings before payroll taxes and other deductions have been taken out
An amount that can be subtracted from person's tax liability that lowers their taxable income
A government-run insurance program that provides healthcare assistance to elderly and disabled Americans
A federal program that provides monthly benefits to millions of Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals
