WorksheetsTaxes (Full Review)
Total questions: 36
Worksheet time: 54mins
Which form is used to file your tax return with the IRS?
W-2
W-4
1099
1040
This form will be sent to Lily by the end of January. She will use this W-2 form to…
Obtain employment
Receive her paycheck
File her income taxes
Begin her retirement savings
All of the following employee information is included on a W-2 form EXCEPT...
Employer name and EIN (Employer Identification Number)
Employee’s Social Security Number
Employee’s date of birth
Employee’s current address
When you receive a new job, you are mandated to file a
Complaint
Divorce
W-4
W-2
When you are ready to file for taxes you must have form
W-2
W-6
WD40
W-2484
Jay filed his taxes and found out he owes money. What is the most reasonable explanation as to why he owes money in taxes?
Not enough money was withheld from his paychecks.
Too much money was withheld from his paychecks.
When filing his taxes, Jay accidentally checked “Married filing jointly” instead of “Single”.
The IRS is asking Jay for a future advance on his possible taxes for next year.
The Federal government spends the most amount of tax money on...
Science
Veterans
Education
Health
All of the following are factors that impact the amount someone may pay in taxes EXCEPT...
Income
Political party
State
Marital status
The W-4 form lets...
the government know how much you paid in taxes last year
your employer know how much to withhold from your paycheck
the 3 major credit bureaus know how many dependents you have
you know how much you paid in taxes last year
The more allowances you claim on your W-4...
The more money is withheld from your paycheck
The less money is withheld from your paycheck
The # of allowances doesn't impact how much $ is withheld
You claim allowances on a W-2, not the W-4
Which of the following is NOT a way you can file your taxes?
Through a tax professional
Mailing in a paper tax return to the Federal government
Using tax software like TurboTax
Through your employer's HR department
Incomes up to $10,000 pay 2%; incomes from $10,001 to $20,000 pay 4%; Incomes above $20,000 pay 5%. This is an example of which type of tax?
regressive
progressive
sales tax
property tax
The property tax is an example of which type of tax?
Progressive tax
Regressive tax
Proportional (flat) tax
Excise tax
In the United States we have progressive income taxes which means that as taxable income increases, income tax rates ____.
Also increase
Stay the same
Decrease
Depends on other factors
A closer examination of tax returns by the IRS is called ____.
Tax evasion
A tax bracket
An audit
An itemization
Social Security and Medicare make up an employee’s ____ deductions.
Interest
401K
FICA
IRA
Willful failure to pay taxes is a crime known as ____.
Tax evasion
Tax fraud
Voluntary compliance
Auditing
A sales tax is an example of a _______.
Progressive tax
Proportional tax
Regressive tax
Income tax
Which U.S. Department works with the IRS to control our Nation’s Fiscal Policy?
The IRS
The U.S. Treasury Department
The FDIC
The Federal Reserve System (The Fed)
What is the primary purpose of excise taxes?
To tax the income of individuals
To reduce consumption of certain goods
To collect revenue on imported goods
To fund local government projects
Match the following
As income increases the percentage of tax paid increases.
Progressive Tax
As income increases the percentage of tax paid decreases.
Regressive Tax
As income changes the percentage of tax paid stays the same.
Proportional Tax.
Income Tax
tax on money earned from a job
Sales Tax
Tax paid on items you buy
Property Tax
Tax paid on property you own
In the United States we have progressive income taxes which means that as taxable income increases, income tax rates ____.
Also increase
Stay the same
Decrease
Depends on other factors
Which of the following is NOT an income tax filing status?
Single person
Divorced person
Married person filing joint return
Head of household
A closer examination of tax returns by the IRS is called ____.
Tax evasion
A tax bracket
An audit
An itemization
Social Security and Medicare make up an employee’s ____ deductions.
Interest
401K
FICA
IRA
Which U.S. Department works with the IRS to control our Nation’s Fiscal Policy?
The IRS
The U.S. Treasury Department
The FDIC
The Federal Reserve System (The Fed)
Which U.S. Federal Agency controls our Nation’s Monetary Policy?
The IRS
The U.S. Treasury Department
The FDIC
The Federal Reserve System (The Fed)
Which of the following is the primary source of income for young professionals?
Child support
Dividends
Capital gains
Wages, tips, & salaries
