WorksheetsTax Check In
Total questions: 42
Worksheet time: 43mins
A deduction is
gross income
money added to your income
net income
money taken out of your income
Net income is:
the total amount of money you earn
the amount of money you receive after deductions are subtracted from your gross income
the amount of money that is taken away in the form of taxes
the hourly rate of pay
Gross income is:
the total amount of money you earn
the amount of money you receive after decuctions are subtracted
the total amount of money you spend
sales taxes on items you buy
Which of these is NOT an example of property tax?
Tax paid on the value of a farm a person owns
Tax paid on the value of a piece of land a person owns
Tax paid on the value of a piece of furniture a person owns
Tax paid on the value of a home a person owns
Income Tax
Sales Tax
Payroll Tax
Property Tax
Nick delivers pizza for extra money while he finishes high school. He earns about $60 on a typical night. What kind of tax will Nick have to pay on what he earns delivering pizzas?
Income Tax
Sales Tax
Payroll Tax
Property Tax
David's gross income: $127.25
David's deductions: $25.20
David's net pay: ?
$102.05
$102.45
$112.05
$152.45
A payment from banks or the use of (customers') money.
spending
interest
wealth
checking
What is the name of the document that comes with your paycheck and shows you what you were paid and how much was taken for taxes?
Paystub
Payline
Pay Report
Pay Sheet
Being on a budget means...
You pay bills every month on the due date.
You made a plan of your expenses to be less than or equal to your income.
You are earning enough money to be able to live well.
Your bills are generally paid by every due date.
What is NOT a method to improve your credit score?
Pay all your bills on time.
Maintain your older credit cards.
Keep your credit card balances under 30% of your credit limit.
Always pay in cash and do not get any credit cards.
An example of a need is...
a Florida vacation
a car
room and board
a laptop
It is OK to skip payments on your bills some months, as long as you pay the next month.
True
False
How does a bank make money?
Keep some of the money you deposit in a savings account
Charge interest on loans
Charge a tax for depositing money
Sell lollipops to gullible customers
Which of the following is an example of a fixed expense?
Rent
Food
Credit card bill
Car payment
Jason's salary is $54,000. What is the amount of his net pay after the 25% federal withholding income tax is deducted?
$13,500
$40,500
$67.500
$15,300
An electronic transfer of a payment directly from the bank account of the payer to the recipient's account. An example of this might include having your paycheck automatically added to your checking.
Direct Deposit
Withdrawal
Reconcile
Transaction
A negative balance in a bank account caused by using more money than the account holds.
Overdraft
Endorsement
Minimum Balance
Direct Deposit
What is Borrowed Money called? *
Interest
Loans
Savings
Investment
What are the Deductions from your earnings called? *
Gross Pay and Interest
Savings
Taxes, FICA, & Social Security
Net Pay
Who collects income tax?
City and State Government
Local Government
City and Federal Government
Federal and State Government
Which form do you use to declare the number of exemptions you wish your tax withholdings to be based on?
1099-MISC
W-2
W-4
Schedule A
Which form do you receive from your employer showing the amount of your wages and the tax withheld?
Schedule A
W-2
W-4
1099-INT
Which income do you use with the tax table?
Adjusted Gross Income
Income from all sources
Taxable Income
Only income from your main job
Who collects property tax?
City and State Government
Local Government
City and Federal Government
Federal and State Government
What is the purpose of IRS Form 1040?
Reporting wages to employees
Filing annual income tax returns for individuals
Verifying employment eligibility
Reporting income other than wages
What type of information does a W-4 form provide?
Employee's annual income
Employer's tax liability
Employee's withholding allowances
Employer's business expenses
Which tax form is used to report income other than wages?
1040
W-2
W-4
1099
What is the legal requirement for an individual regarding Form 1040?
Filing annually with the employer
Filing annually with the IRS
Completing upon starting a new job
Providing to employees annually
Who completes an I-9 form?
Only the employer
Only the employee
Both the employer and the employee
The Social Security Administration
Which tax form verifies employment eligibility?
1040
W-2
W-4
I-9
What is the primary purpose of a W-4 form?
Reporting income other than wages
Verifying employment eligibility
Determining the amount of federal income tax withheld from paychecks
Filing annual income tax returns
Deadline for employers to mail W-2s to their employees (either by paper or electronically).
January 1st
January 31st
April 15th
October 15th
Last day to e-file or mail federal and state income tax forms or to request an extension.
December 31st
April 15th
October 15th
January 1st
I am received in January. You get me if you are not an employee, but were paid by a company. You probably didn’t get taxes withheld if you got me, so you may have a big tax bill coming up. What tax document is this?
1099 Form
1040 Form
W-4 Form
W-2 Form
Deadline for filing federal and state income returns that have received extensions.
December 31st
April 15th
October 15th
January 1st
Which program provides health coverage if you are 65 and older or have a severe disability, no matter your income?
Social Security
Medicare
Medicaid
