Have an account?
Skip to Content
Build your own quiz
Life Skills, Business
11th -
12thgrade
Personal Finance. Tax Forms Practice 1
30 questions
Show Answers
See Preview
- 1. Multiple ChoiceWhat is this form?w2w410401040ez
- 2. Multiple ChoiceWhat is this form?10401040EZ1039EZ1099
- 3. Multiple ChoiceWhich form will be easiest for a single person with no dependents to complete when filing taxes?10991040EZ1040W2
- 4. Multiple Choice__________ is the deadline for employers to provide you with the W2.January 31stApril 15thJanuary 15thApril 31st
- 5. Multiple ChoiceTaxes are deducted from all employees paycheckstruefalse
- 6. Multiple ChoiceThis form states the amount of money earned and taxes paid throughout the previous year. People use it to complete income tax forms for the IRSW2W4I91040EZ
- 7. Multiple ChoiceWhich programs use tax money?militaryeducationwelfareall of the above
- 8. Multiple ChoiceThe government agency in charge of collecting tax.FICAIRSNBASEC
- 9. Multiple ChoiceThe government agency in charge of collecting tax.FICAIRSNBASEC
- 10. Multiple ChoiceWhich of the following is an example of a federal tax return?Form 1040EZW-2W-4Form 10-K
- 11. Multiple ChoiceWhat does IRS stand for?Investment Return ServiceInterest Rate StateIncome and Rent StandardInternal Revenue Service
- 12. Multiple ChoiceWhat can happen if you don't file/pay taxes?You can get finedYou can own back taxesYou can go to prisonAll of the above
- 13. Multiple ChoiceWhen it comes to taxes, you want your taxable income to beBigSmallExactly what it isNone of the above
- 14. Multiple Choice1040EZ is the hardest tax form to complete.FalseTrue
- 15. Multiple ChoiceAn allowance is the number of people you claim to support.FalseTrue
- 16. Multiple ChoiceIf Mike worked 32 hours and earns $10/hour,
his ______ is $320.Hourly PayGross PayNet PayDeductions - 17. Multiple ChoiceWages, salaries, bonuses, commissions and tips are all taxableTrueFalse
- 18. Multiple ChoiceWhen is the deadline to file your taxes?August 15thJanuary 1stApril 15thDecember 31
- 19. Multiple ChoiceOvertime wages are taxedTrueFalse
- 20. Multiple ChoiceWhat is the program that extends health coverage to almost all Americans age 65 and over?social securitytaxesincome taxmedicare
- 21. Multiple ChoiceRequired payments to a government are_______________.incometaxesmedicare
- 22. Multiple ChoiceThe primary sources of income for young people between 18 and 30, who are not living on a pension (retirement) or social security are?Profits from businesses they own.Dividends and interest from investmentsRentsWages, Salaries, and Tips
- 23. Multiple Choice
For federal tax, if you have a higher income, you pay a higher percent in taxes.
true
false
- 24. Multiple Choice
If you don't pay enough in federal taxes for the year you will need to pay the federal govt.
true
false
- 25. Multiple Choice
If you paid too much in taxes, you will be able to get a refund if you fill out the correct forms.
true
false
- 26. Multiple Choice
The federal govt allows you to have some of your income tax free.
true
false
- 27. Multiple Choice
Claiming a lot of allowances means that you will get more taken out of your paycheck in taxes.
true
false
- 28. Multiple Choice
You don't have any control over how much your employer takes out of your paycheck for taxes.
true
false
- 29. Multiple Choice
Which of the following taxes is NOT on your paystub?
Sales tax
Federal Income tax
FICA
State Income tax
- 30. Multiple Choice
What % is paid to FICA by you personally, assuming you have a position that pays into social security?
6.2%
10%
12%
12.4%
- Answer choicesTagsAnswer choicesTags