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EPF- Taxes Review

Total questions: 52

Worksheet time: 39mins

Name
Class
Date
1.
The amount of money you actually receive after the deductions are taken from your gross income.
a)
Net income
b)
Deductions
c)
Wages
d)
Tax
2.
Amounts of money taken from income before you are paid.
a)
Commission
b)
Retainer
c)
Deductions
d)
Rate
3.
Total money you earn before taxes and other deductions.
a)
Salary
b)
Net income
c)
Gross income
d)
Wages
4.
This is paid to the Government once a person's income passes a set amount. 
a)
Fees
b)
Wages
c)
Tax
d)
Salary
5.
As taxable income increases, income tax rates ____
a)
increase
b)
decrease
c)
stay the same
d)
could go either way
6.
Your take home pay is also known as what?
a)
Gross Pay
b)
Net Pay
c)
Tax Exemptions
d)
Taxable Earnings
7.

This form will be sent to Lily by the end of January. She will use this W-2 form to…

a)

Obtain employment

b)

Receive her paycheck

c)

File her income taxes 

d)

Begin her retirement savings

8.

All of the following employee information is included on a W-2 form EXCEPT...

a)

Employer name and EIN (Employer Identification Number)

b)

Employee’s Social Security Number

c)

Employee’s date of birth

d)

Employee’s current address

9.

When Maxwell completes this W-4, who should he submit it to? 

a)

Big City Office Furniture

b)

The IRS

c)

No one - he keeps it for his records

d)

His spouse

10.

Taxes are collected by

a)

Businesses

b)

Parents

c)

Foreign countries

d)

Government

11.

IRS stands for

a)

Internal Revenge Service

b)

International Revenue System

c)

Internal Revenue Service

d)

Inspection Ravioli Sauce

12.

The official date for when taxes are due

a)

January 15

b)

February 15

c)

March 15

d)

April 15

13.

When you receive a new job, you are mandated to file a

a)

Complaint

b)

Divorce

c)

W-4

d)

W-2

14.

When you are ready to file for taxes you must have form

a)

W-2

b)

W-6

c)

WD40

d)

W-2484

15.

A fixed amount all people are allowed to deduct from their adjusted gross income to reduce their tax liability

a)

Standard Deduction

b)

Itemized Deduction

16.

Who pays taxes

a)

You

b)

Adults

c)

Immigrants

d)

Everyone

17.

Wages, salary and tips

a)

unearned income

b)

earned income

c)

disposable income

18.

Income that has not been worked for such as interest, dividends, or gambling winnings

a)

disposable income

b)

unearned income

c)

earned income

d)

workers compensation

19.

Jay filed his taxes and found out he owes money. What is the most reasonable explanation as to why he owes money in taxes?

a)

Not enough money was withheld from his paychecks.

b)

Too much money was withheld from his paychecks.

c)

When filing his taxes, Jay accidentally checked “Married filing jointly” instead of “Single”.

d)

The IRS is asking Jay for a future advance on his possible taxes for next year.

20.

The Federal government spends the most amount of tax money on...

a)

Science

b)

Veterans

c)

Education

d)

Health

21.

All of the following are factors that impact the amount someone may pay in taxes EXCEPT...

a)

Income

b)

Political party

c)

State

d)

Marital status

22.
When should you fill out a W-4?
a)
When you quit a job
b)
When you have 401K benefits 
c)
When you start a new job
d)
Whenever you feel like it
23.

The more allowances you claim on your W-4...

a)

The more money is withheld from your paycheck

b)

The less money is withheld from your paycheck

c)

The # of allowances doesn't impact how much $ is withheld

d)

You claim allowances on a W-2, not the W-4

24.

What do you need to file your 1040 or 1040EZ form?

a)

Your W-2

b)

Your W-4

c)

Your prior year's tax return

d)

Social Security Number

25.

When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called a _____.

a)

withholding

b)

direct deposit

c)

deduction

d)

refund

26.

Which of the following describe what a "dependent" is for tax purposes?

a)

Someone under the age of 19 who you financially support

b)

Someone who is temporarily disabled

c)

Someone who financially supports you

d)

Someone who is a full-time student under the age of 30.

27.

What tax form am I? I am received in January. There is one of me for every employer that you worked for in the previous year. I have information on how much you earned and how much you paid in taxes for the previous calendar year.

a)

1040

b)

I-9

c)

W-2

d)

W-4

28.
Which tax form is used  to provide information about your previous year's pay and deductions from that year?
a)
W2
b)
1040A
c)
1099-INT
29.

James has just started his first job and is unsure about tax forms. Who is responsible for providing him the W2 form?

a)

James himself

b)

His Employer

c)

His bank

d)

The IRS

30.

James just got hired at a new company. When is he supposed to fill out a W4 form?

a)

Right before he files his taxes

b)

When he decides to quit the job

c)

When he starts his job at the company

31.
Who is responsible for filling out a W4 form?
a)
You
b)
Your employer
c)
Your Bank
d)
The IRS
32.

Which form is used to report individual income tax to the IRS?

a)

1040

b)

1500

c)

1999

d)

1099

33.

Which of these is a progressive tax?

a)

excise tax

b)

luxury tax

c)

property tax

d)

Social Security tax

34.

The Internal Revenue Service routinely collects taxes from employees through a system of

a)

assessments.

b)

audits

c)

entitlement.

d)

withholding.

35.

Which of these taxes is the leading source of revenue for the federal government?

a)

corporate income taxes

b)

individual income taxes

c)

inheritance taxes

d)

payroll taxes

36.

How do state and local governments typically generate revenue to pay for education, law enforcement, and fire protection services?

a)

property and sales taxes

b)

payroll and insurance taxes

c)

corporate and business taxes

d)

lotteries and municipal bonds

37.

The value of a house is $250,000. the yearly tax on the house is $7,500.

a)

Income/Payroll Tax

b)

Sales Tax

c)

Property Tax

38.

The video game sells for $19.99. The total cost is $20.54.

a)

Income/Payroll Tax

b)

Sales Tax

c)

Property Tax

39.

$21.65 is withheld from Ed’s weekly paycheck.

a)

Income/Payroll Tax

b)

Sales Tax

c)

Property Tax

40.
a tax in which the tax rate increases as the taxable amount increases
a)
progressive
b)
regressive
c)
flat
d)
proportional
41.
a tax system with a constant marginal rate, usually applied to individual or corporate income. 
a)
regressive
b)
progressive
c)
income
d)
flat
42.
A _____________tax may at first appear to be a fair way of taxing citizens because everyone, regardless of income level, pays the same dollar amount. By taking a closer look, it is easy to see that such a tax causes lower-income people to pay a larger share of their income than wealthier people pay
a)
progressive
b)
income
c)
flat
d)
regressive
43.
A _________ tax, also referred to as a flat tax, impacts low-, middle- and high-income earners relatively equally. 
a)
regressive
b)
proportional
c)
income
44.
Under a ________ tax system, individuals and entities with low incomes pay a higher amount of that income in taxes compared to high-income earners. 
a)
Regressive
b)
Progressive
c)
Proportional
d)
Flat
45.

The price of the shirt is $45. The total cost of the shirt is $47.95.

a)

Income/Payroll Tax

b)

Sales Tax

c)

Property Tax

46.

Jessica is 21, in college, & has a job that pays her bills. Can her parents claim her as an allowance/dependent on their tax return?

a)

Yes

b)

No

47.

Which of these is the money you earn BEFORE taxes?

a)

Gross Pay

b)

Net Pay

48.
What do taxes collected under the Federal Insurance Contributions Act (FICA) fund?
a)
Medicaid & Supplemental Security Income
b)
Medicare & Medicaid
c)
Social Security & Medicare
d)
Social Security & Medicaid
49.
the amount of money you are paid after all the deductions are subtracted
a)
Gross pay
b)
Net pay
c)
Overtime pay
50.

 a tax included in the price.

a)

a. Property tax

b)

b. income tax

c)

c. excise tax

d)

d. sales tax

51.

The Date when Taxes are due Each Year

a)

a. February 2nd

b)

b. March 17th

c)

c. April 15th

d)

d. January 25th

52.

An amount you can subtract from your income when doing taxes

a)

a. deduction

b)

b. an excise tax

c)

c. dependent

d)

d. exempt

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