Taxes | 15.5K plays

1.

Multiple Choice

30 sec

1 pt

Who primarily uses our tax money?

Your employer

Large corporations

Federal and state government

Local Businesses

2.

Multiple Choice

1 min

1 pt

Our tax money is spent on all of the following EXCEPT:

Social Security

The Military

Private School Education

National Parks

3.

Multiple Choice

45 sec

1 pt

Which of the following is NOT a category in the Federal government's spending?

Mandatory spending

Discretionary spending

Interest on loans issued

Interest on national debt

4.

Multiple Choice

30 sec

1 pt

Which of the following taxes is applied to wages, salaries, dividends, and interest earned?

Corporate Income Tax

Income Tax

Estate Tax

Excise Tax

5.

Multiple Choice

1 min

1 pt

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

6.

Multiple Choice

45 sec

1 pt

Jess is 21, in college, & has a job that provides 65% of her support. Is she a dependent?

Yes

No

7.

Multiple Choice

1 min

1 pt

What item would you DEFINITELY see on a paystub?

Retirement

Healthcare

Gross Pay

Your occupation/role

8.

Multiple Choice

30 sec

1 pt

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.

9.

Multiple Choice

1 min

1 pt

Jason filed his tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?

April 15th

October 15th

December 31st

January 1st of the next year

10.

Multiple Choice

1 min

1 pt

True or False: All wages, tips, and bonuses are taxable unless specifically excluded.

True

False

11.

Multiple Choice

30 sec

1 pt

Which of the following things is TRUE about the W-2 form EXCEPT...

You get 1 W-2 form every year, even if you had multiple jobs

It contains information you'll need to fill out a 1040

It lets you know how much you earned last year

It lets you know how much was withheld from your paychecks

12.

Multiple Choice

1 min

1 pt

Jason is 15 and earned $1450 at his job last summer. Should he file a tax return?

No, because he didn't earn enough.

No, because you have to be 16 and older to file taxes.

Yes, because he may get a refund.

Yes. You must file taxes even if you didn't earn enough.

13.

Multiple Choice

30 sec

1 pt

What do you need to file your 1040 form?

Your W-2

Your W-4

Your prior year's tax return

Income of $50,000 or more

14.

Multiple Choice

1 min

1 pt

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

15.

Multiple Choice

45 sec

1 pt

True or False: A teen's earned income can be reported on a parent's tax return.

True

False

16.

Multiple Choice

1 min

1 pt

If a teen files a tax return, can the parent still claim him/her as a dependent?

Yes. All teens are dependents until they are 18 years old

No. If a teen files a tax return, he/she cannot be claimed

Yes, as long as the teen meets the dependency requirements

Yes, but the parent has to add the teen's income to theirs

17.

Multiple Choice

1 min

1 pt

Luisa earned $1,200 at her part-time job, and $500 from babysitting in cash. Which is TRUE?

She will report her total income as $1,700.

She will report her total income as $1,200.

She will report her total income as $500.

Luisa is required to file a tax return.

18.

Multiple Choice

30 sec

1 pt

Earned income is any money you make from things like interest and dividends.

True

False

19.

Multiple Choice

45 sec

1 pt

If you owe taxes, which of the following is FALSE?

You can make a payment using cash

You can delay your payment deadline

With an agreement, you can pay it in installments

You can make a payment with a debit, but not credit card

20.

Multiple Choice

1 min

1 pt

Which is TRUE if you do not pay your taxes?

You owe twice as much the following year

You're more likely to be approved for low interest loans

You cannot go to jail (but you will be heavily fined)

Your credit score may be impacted