WorksheetsTax Day
Total questions: 25
Worksheet time: 25mins
Who primarily uses our tax money? (hint: choose 2 correct answers)
Your employer
The Government
Local Businesses
Money paid to the government
Paystub
Current
Taxes
Net Pay
When is "Tax Day"?
February 28
April 15
June 30
October 1
Business and people pay income taxes. Both are
regressive taxes
progressive taxes
proportional taxes
personal taxes
Grace, Ava, and Priya are discussing their finances. Ava mentions a term 'tax return'. Priya is unsure about it. Grace explains that a tax return is...
Money you get back for working really hard
a report containing information used to calculate taxes owed by the taxpayer
The Internal Revenue Service (IRS)
Where does the government get most of its money?
It prints money
It sells land
Taxes
It produces products to sell
Donations
What is the name of the agency that collects taxes in the United States?
Secret Service
Federal Bureau of Investigation
Internal Revenue Service
Department of Energy
Department of the Interior
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.
1040
I-9
W-2
W-4
What is Tax Day in the United States?
April 15th
March 15th
May 15th
June 15th
Which government agency is responsible for collecting taxes in the United States?
Federal Bureau of Investigation (FBI)
Internal Revenue Service (IRS)
Department of Homeland Security (DHS)
Central Intelligence Agency (CIA)
What is the purpose of a W-4 form?
To report interest income
To determine tax withholding
To claim tax deductions
To file a tax return
Which of the following is a common tax deduction?
Grocery expenses
Mortgage interest
Clothing purchases
Vacation costs
What is a tax credit?
A reduction in the amount of income subject to tax
A direct reduction of the tax owed
An increase in taxable income
A penalty for late tax filing
What is the penalty for not filing taxes on time?
No penalty
A fine and interest on unpaid taxes
Community service
Loss of voting rights
Which form is used to report self-employment income?
Form 1040
Form 1099-MISC
Form W-2
Form 4868
What is the standard deduction?
A fixed amount that reduces taxable income
A percentage of income that is tax-free
A tax on luxury items
A penalty for underpayment
What is the difference between a tax deduction and a tax credit?
A deduction reduces taxable income; a credit reduces tax owed
A deduction increases taxable income; a credit increases tax owed
Both are the same
A deduction is a penalty; a credit is a reward
What is the purpose of a 1099 form?
To report wages and salaries
To report interest and dividends
To report self-employment income
To report tax credits
What is an audit?
A review of financial records by the IRS
A tax refund
A tax deduction
A tax credit
What is the earned income tax credit (EITC)?
A credit for low to moderate-income working individuals
A penalty for high-income earners
A deduction for business expenses
A tax on earned income
What is the child tax credit?
A credit for taxpayers with dependent children
A deduction for child care expenses
A penalty for not having children
A tax on children's income
What is the alternative minimum tax (AMT)?
A tax system to ensure that high-income individuals pay a minimum amount of tax
A tax on alternative energy sources
A tax credit for low-income earners
A deduction for medical expenses
What is a tax refund?
Money returned to taxpayers who have overpaid their taxes
A penalty for underpayment of taxes
A deduction for charitable contributions
A credit for business expenses
What is the filing status on a tax return?
A category that determines tax rates and deductions
A penalty for late filing
A credit for early filing
A deduction for filing online
What is the purpose of a Schedule C form?
To report business income and expenses
To claim a tax credit
To apply for a tax refund
To report interest income
