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- 1. Multiple Choice
IRS stands for
Internal Revenge Service
International Revenue System
Internal Revenue Service
Inspection Ravioli Sauce
- 2. Multiple Choice
Taxes are collected by
Businesses
Parents
Foreign countries
Government
- 3. Multiple Choice
Money being taxed comes from
Net Pay
Gross Pay
Take Home Pay
Pay Day...the candybar
- 4. Multiple Choice
On __________________ taxes are usually due.
January 15
February 15
March 15
April 15
- 5. Multiple Choice
When you receive a new job, you must fill in a __________.
Complaint
W-4
W-2
- 6. Multiple Choice
When you are ready to file for taxes you must have form
W-2
W-6
WD40
W-2484
- 7. Multiple Choice
The form to file for taxes is
1800
1999EZ
1040
- 8. Multiple ChoiceIf you buy an item at the grocery store you pay _________tax.salespropertyincomepayroll
- 9. Multiple ChoiceGross income is always ________than net income.moreless
- 10. Multiple Choice
Which type of tax funds local schools in PA?
Income TaxSales TaxProperty TaxExcise Tax - 11. Multiple Choice
Our tax money is spent on all of the following:
Social Security
The Military
My new hair cut
National Parks
- 12. Multiple Choice
True or False: All wages, tips, and bonuses are taxable unless specifically excluded.
True
False
- 13. Multiple Choice
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
- 14. Multiple Choice
The _________________ is the amount of salary received after taxes and deductions
Gross Pay
Net Pay
Total Earnings
Bill
- 15. Multiple Choice
Taxpayers are expected to accurately report all income.
True
False
- 16. Multiple Choice
Taxes are used to run your school.
True
False
- 17. Multiple ChoiceHow often do you need to file your taxes?Once a monthOnce a yearEvery paycheckquarterly
- 18. Multiple Choice
What can happen if you don't file/pay taxes?
You can get fined
You can owe back taxes
You can go to prison
All of the above
- 19. Multiple ChoiceWhat is the purpose of a W-4?To track your tax historyTo tell you how much you will earn each month.To inform you on how much your employer will withhold on your taxesNone of the above
- 20. Multiple ChoiceWho is responsible for providing the W2 form?You
Your Employer (job)
Your bankThe IRS - 21. Multiple Choice
When must your employer provide you with your W-2?
April 1st
January 1st
February 16th
January 31st
- 22. Multiple Choice
If you pay too much taxes, you end up getting a ______________.
Penality
Refund
Deduction
Exemption
- 23. Multiple ChoiceIf the IRS wants to review your taxes and has more questions for you this is called an _________________.OverpaymentExtensionPenaltyAudit
- 24. Multiple ChoiceThe __________ collects taxes for the US GovernmentABCIRDIRSIDT
- 25. Multiple Choice
Taxes are not mandatory
true
false
- 26. Multiple ChoiceThe correct equation for pay is...Deductions - Gross Pay = Net PayGross Pay - Deductions = Net PayNet Pay - Deductions = Gross Pay
- 27. Multiple Choice
If you pay rent to your landlord, do you have to pay a property tax on your apartment?
Yes
No
- 28. Multiple ChoiceDo all states have equal sales taxes?YesNo
- 29. Multiple ChoiceWhat happens if you don't pay your taxes?Nothing.The IRS sends you a mean letter, but they can't really do anything.You can be charged with tax evasion and go to prison.You have to pay higher taxes next year.
- 30. Multiple ChoiceWhat is "tax evasion"?When someone doesn't get a tax returnWhen someone doesn't send out a W-2When someone doesn't itemize their purchasesWhen someone doesn't pay their taxes
- 31. Multiple ChoiceWhen (usually) is "tax day"?April 1May 1April 15May 15
- 32. Multiple Choice
When you win a new car on "The Price Is Right" you do not have to pay taxes on the car.
True
False
- 33. Multiple Choice
You must report the following on your taxes if you win...
Lottery
Fantasy Football League
Earnings on-line casino
Earnings at the casino
- Answer choicesTagsAnswer choicesTags