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Tax Breaks, Tax Status, Standard Deductions

Total questions: 16

Worksheet time: 8mins

Name
Class
Date
1.

Money that you can subtract from your taxable income.

a)

refund

b)

payroll tax

c)

income tax

d)

deductions

2.

Person that you are financially responsible for such as your children.

a)

exemptions

b)

standard deduction

c)

dependents

d)

tax breaks

3.

A set amount that gets subtracted from your taxable income per dependent.

a)

standard deduction

b)

intiemized deduction

c)

exmptions

d)

allowances

4.

Refers to if you are filing your taxes as single or married.

a)

filling option

b)

filing status

c)

options

d)

tax allowance

5.

Using adjustments such as health care, donations, and interest as deductions when completing taxes.

a)

standard deduction

b)

itemized deduction

c)

payroll tax

d)

exemptions

6.

Amount of money you receive from the government after filing taxes if you paid more than you were required.

a)

bonus

b)

refund

c)

cash back

d)

inheritance

7.

A set amount set by the government that you can use for filing taxes.

a)

exemptions

b)

allowances

c)

standard deduction

d)

refund

8.

Who can claim the standard deduction?

a)

Everyone

b)

People Under 19

c)

Full-time students under 24

d)

65 & older

9.

Can you claim the standard deduction AND itemize deductions?

a)

Yes

b)

No

10.

By what date must employers provide, or place in the mail, a wage earner's W-2 statement?

a)

January 1

b)

January 31

c)

April 1

d)

April 15

11.

What government department collects personal income tax?

a)

Federal Government

b)

IRS

c)

Social Security Division

d)

Congress

12.

Unearned income is reported on your tax form and taxes must be paid on them.

a)

True

b)

False

13.

What is the deadline for filing personal income tax?

a)

January 31

b)

April 15

c)

May 31

d)

June 15

14.
Single, Married Filing Joint, and Head of the Household are all examples of___ on a tax return.
a)
filing status
b)
standard deductions
c)
itemized deductions
d)
dependents
15.

Which form is used to report an employees earnings and taxes paid in a year?

a)

W-2

b)

W-4

c)

I-9

d)

1040

16.

Roads, police, schools, governmental agencies, fire and emergency services are all funded by taxes

a)

true

b)

false