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WorksheetsPersonal Finance Chapter 10 - Taxes
Total questions: 20
Worksheet time: 10mins
Which form is used to calculate how much income tax is withheld from your pay?
Form W-4
Form 1099
Form 1098
Form W-2
____ is your total pay before taxes and withholdings are taken out.
Passive Income
Gross Income
Net Income
Earned Income
What percentage of their income should a self-employed person set aside for taxes?
30-35%
20-25%
15-20%
25 - 30%
What federal payroll tax goes toward Social Security and Medicare?
FACO
FICO
FICA
FOCA
The total amount the U.S. owes to other countries and companies called what?
National tax
National debt
Wealth tax
Deficit spending
April 15 of every year - the usual deadline to file your taxes - is also called what?
Tax Day
Due Day
Equinox Day
Deadline Day
What is the date that employers have to send the W-2 out to employees?
January 30th
February 1st
None of these dates are correct
January 31st
Each year taxpayers submit a(n) ___ to the IRS with the goal of getting as close to zero as possible.
None of the above
W-4
tax return
Form 1099
Due to the 2018 tax reforms, most tax filers can just take the ____ when filing their taxes.
No deductions
Wealth Deduction
Itemize Deductions
Standard Deduction
The taxes you pay for snacks and other items at a gas station are examples of ____.
Sales Tax
Gift Tax
Excise Tax
Estate Tax
The 12-month period used for reporting financial activity is known as a(n) ____.
calendar year
paper asset
fiscal year
None of the above
An example of a(n) ____ is the taxes you pay on the fuel you purchase for your car at a gas station.
Income Tax
Excise Tax
Sales Tax
None of the above
If a long-lost relative or friend were to leave you a lot of money, you might have to pay a(n) ____.
Inheritance Tax
Property Tax
Sales Tax
Consumption Tax
Planning to spend more money than you actually have coming in is called ____.
National Debt
Tax Bracket
Net Income
Deficit Spending
The IRS may conduct a(n) ____ of a person's tax return to check the accuracy of the figures.
Tax Liability
Withholdings
Audit
None of the above
If you work and earn money, you will have to pay taxes.
True
False
A fixed, annual rate of pay that doesn't change by working more or fewer hours is called ___.
Hourly wages
Salary
Commission
Passive Income
Renting out property or selling content on a blog are examples of ___.
Active income
Portfolio income
Passive income
Salary
Using online tax software or hiring a tax professional are both good options depending on your situation.
True
False
Always keep your filed taxes for at least three years in case the IRS decides to ___ your tax return.
Review
Submit
Reject
Audit
