WorksheetsQUEST - F24 - CR - Getting Paid and Paying Taxes
Total questions: 25
Worksheet time: 13mins
Name
Class
Date
1.
If you are single, your gross pay is $24,400 and your only deduction is the Standard Deduction, what is your taxable income?
a)
$0
b)
$11,000
c)
$12,000
d)
$24,400
2.
If you are married and your itemized deductions are $20,000, you should use the _______ deduction(s) on your tax return.
a)
standard
b)
itemized
c)
neither of these
d)
both of these
3.
If you buy stock and then sell it 2 years later for more than you paid for it, the money that you make when you sell it is called _____ .
a)
Long-term capital gain
b)
Short-term capital gain
c)
Both of these
d)
Neither of these
4.
If you work flipping burgers at Burger King, the money you are paid for working is called _____ .
a)
Ordinary income
b)
Capital gain
c)
Both of these
d)
Neither of these
5.
Tax rates on short-term capital gain are ____ taxes on ordinary income.
a)
Higher than
b)
Lower than
c)
the same as
6.
If your employer matches the money that you put it into a Roth, you will pay income taxes on the employer's contributions:
a)
When you get your paycheck
b)
When you retire and take money out of your retirement account
c)
Neither of these
d)
Both of these
7.
If your employer matches the money that you put it into a 401(k), you will pay income taxes on the employer's contributions:
a)
When you get your paycheck
b)
When you retire and take money out of your retirement account
c)
Neither of these
d)
Both of these
8.
Which of these is based on how many employees that the employer lays off?
a)
Social Security
b)
State Income Taxes
c)
Federal Income Taxes
d)
Unemployment insurance
e)
Workers' Compensation
9.
If you are married, the Standard Deduction is
a)
$0
b)
$12,400
c)
$24,800
10.
Which TWO of these will you pay personal property tax on:
a)
Food
b)
Car
c)
Motorcycle
d)
Gasoline
e)
House
11.
Your effective tax rate will be
a)
the same as your marginal tax bracket
b)
higher than your marginal tax bracket
c)
lower than your marginal tax bracket
12.
Which of these is a disadvantage of a job that pays hourly wages?
a)
The ability to earn premium or overtime pay.
b)
The option to work hours that fit the worker’s preferences.
c)
The risk of inconsistent pay.
13.
The total dollar value of all the finished goods and services produced in a year is called:
a)
GDP
b)
GAAP
c)
PDQ
d)
IPO
14.
What is the "debt ceiling"?
a)
A ceiling on the interest rates that the government can charge when it borrows money.
b)
A ceiling on the amount of the deficit that the government can run each year.
c)
A ceiling on the amount of the national debt.
d)
A ceiling on the debt-to-equity ratio.
15.
Compared to most other countries, the U.S. government _____.
a)
spends more
b)
spends less
c)
taxes more
d)
taxes less
16.
Which of these statements about long-term capital gains taxes is NOT true:
a)
The capital gain is "long-term" if you own the investment for at least a year before selling it.
b)
The tax rate for capital gains is lower than the tax rate for other income - like salaries.
c)
The tax rate for capital gains goes up as your income goes up.
d)
You don't pay any taxes on capital gains, no matter how much money you make.
e)
If you sell stock for more than paid for it, the profit that you make is called a "capital gain."
17.
Which of these statements about money that you put in a ROTH is NOT true:
a)
You pay taxes on the money when you get your paycheck.
b)
You aren't taxed on the income earned by the the ROTH.
c)
You will pay a penalty if you take the income out before you retire.
d)
You pay income taxes when you withdraw money from your ROTH during your retirement.
18.
Which of these are true about payroll cards:
a)
They are basically pre-paid debit cards
b)
They are not tied to your bank account
c)
Your employer loads them up each time you get paid for working at a job
d)
All of these
e)
None of these
19.
Tax revenue is greatest when tax rates are:
a)
The highest
b)
The lowest
c)
Some place between the highest and the lowest
20.
If you raise the tax rate, you will shrink the tax base. This is called the ______ effect.
a)
Arithmetic
b)
Economic
c)
Both of these
d)
Neither of these
21.
Which of these statements about capital gains tax is NOT true:
a)
You don't owe taxes if you sell stocks or bonds for less than you paid for them
b)
You don't owe taxes each time you buy stocks or bonds on Robin Hood and sell them at profit
c)
You don't owe taxes each time you use your 401(k) to buy stocks and sell them at profit - you only pay when you withdraw money from your 401(k)
d)
You don't owe taxes each time you use your Roth to buy stocks and sell them at profit - you already paid taxes when you deposited money into your ROTH.
22.
Which of these are examples of investment options that you can pick for your 401(k) account?
a)
Stocks
b)
Bonds
c)
Mutual Funds
d)
Winning Lottery Tickets
23.
In a marginal tax system, the _____ will increase as your taxable income increases.
a)
dollar amount of your taxes
b)
your tax rate
c)
Both of these.
d)
Neither of these
24.
The federal government usually runs at a deficit when:
a)
the Republicans are in power.
b)
the Democrats are in power.
c)
Both of these
d)
Neither of these
25.
If you add together the deficit for each year, the total that the country owes is called the:
a)
Deficit
b)
Surplus
c)
National debt
d)
National surplus
100 %
