WorksheetsJA Finance Read pp 9-13 Taxes and Income
Total questions: 13
Worksheet time: 3hrs 15mins
What is the main purpose of the IRS?
To create tax laws
To enforce tax laws
To collect sales tax
To manage state budgets
Which of the following is a type of tax revenue?
Income tax
Grocery tax
Clothing tax
Entertainment tax
What is withheld from your paycheck to pay taxes?
Savings
Tips
Wages
Salaries
Who is responsible for enacting tax laws in the United States?
The President
The IRS
U.S. Congress
State Governors
What must U.S. citizens and residents do annually regarding taxes?
Pay sales tax
File income tax forms
Pay property tax
Apply for tax exemptions
Which of the following is NOT a source of tax revenue mentioned in the lesson?
Income
Sales
Property
Inheritance
What happens if you overpay your taxes?
You receive a refund
You pay a penalty
You must file a complaint
You lose the extra money
What is the term for the money you take home after taxes are deducted?
Gross income
Net income
Total income
Adjusted income
Which government entity is primarily responsible for collecting federal taxes?
State Government
Local Government
Internal Revenue Service (IRS)
Department of Treasury
Why is tax knowledge important for personal financial management?
It helps in avoiding all taxes
It ensures you pay more taxes
It helps in understanding the impact of taxes on income
It allows you to evade taxes legally
If you had to cut money from either federal or state/city services, which one would you choose to cut and why? How could your choice affect people in your community or the country? See page 16
Why do you think some items, like groceries or medicine, are not taxed with sales tax, while other items, like household goods, are taxed? How does this affect people who rely on those items? See page 17
How do property taxes help fund local services like public schools and police? What would happen if property taxes were significantly reduced?
