WorksheetsTaxes
Total questions: 24
Worksheet time: 19mins
Which of the following taxes is applied to wages, salaries, dividends, and interest earned?
Corporate Income Tax
Income Tax
Estate Tax
Excise Tax
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
By claiming "exempt" on the W-4 form...
You are paying all income taxes upfront at the START of the year.
You are requesting an extension to file your taxes
You will NOT have income taxes withheld from your paycheck.
You are paying all income taxes at the END of the calendar year.
Depending on how much money your employer took out of your paychecks, you might owe more money to the government when you file your taxes. (Tax Payment)
True
False
__________ go towards things like education, building and repairing roads and bridges, and providing health coverage to low-income families?
Benefits
Taxes
Deposit
Taxes help pay for government services like roads, education, the military
True
False
If too many taxes were deducted from your gross pay, the government will send you money back after you file your taxes... This is called a _________.
Pay Period
Timesheet
Tax Return or Tax Refund
What are the 3 main types of taxes in the United States?
What type of tax is the main source of income for public schools?
Income tax
Sales tax
Property tax
Excise tax
What level of government sets the tax rate to fund police, roads, and schools?
Federal government
State government
Local government
Municipal government
What level of government sets the sales tax?
Federal government
State government
Local government
Municipal government
What is the main source of Federal Government Revenue?
Income tax
Sales tax
Property tax
Excise tax
Your parents pay $3500 in taxes each year based off of the value of your home. Which type of tax is this?
Payroll tax
Property tax
Sales tax
Income tax
Louis's dad pays a tax to the federal government each year based off the money he earns from his business. What type of tax is Louis' dad paying?
Payroll tax
Sales tax
Property tax
Income tax
Curtis purchased a new pair of jeans for $25. When Curtis pays for his jeans, the total is almost $30 because of the (a) tax.
Also known as your take home pay.
Salary
Gross pay
Net pay
Withholdings
These taxes come out of a person's paycheck and is meant to help people once they retire.
401k
Social security tax
Unemployment taxes
Payroll deductions
Our tax money is spent on all of the following EXCEPT:
Social Security
The Military
Private School Education
National Parks
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
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
