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POB Chapter 16 Taxes
Test Description: Review
Instructions: Answer all questions to get your test result.
1) A state or local tax on goods and services that is collected by the seller.
A
sales tax
B
income tax
C
personal property tax
D
gift tax
2) Tax based on the value of land and buildings; used to pay for schools and local government services.
A
personal property tax
B
real estate property tax
C
income tax
D
excise tax
3) Tax based on the value of items received from a deceased person.
A
sales tax
B
gift tax
C
inheritance tax
D
estate tax
4) Tax used to finance retirement and disability benefits.
A
sales tax
B
income tax
C
Social Security tax
D
Medicare tax
5) Filled out by the employee so that the employer will withhold the correct federal income tax from the employee’s paycheck.
A
W-4 Form
B
940 Form
C
W-2 Form
D
1090 Form
6) Reports the amount of federal, state and other taxes withheld from the employee’s paycheck. This form is filled out by the EMPLOYER.
A
W-4 Form
B
W-2 Form
C
1090 Form
D
940 Form
7) Medicare tax is _____%
A
6.2%
B
4.5%
C
1.45%
D
14.5%
8) Social Security tax is ______%.
A
4.5%
B
6.2%
C
14.5%
D
1.45%
9) Annual income tax return filed by citizens or residents of the United States.
A
1040 Form
B
940 Form
C
W-4 Form
D
W-2 Form
10) The due date to file federal income taxes every year is _________.
A
May 15
B
April 15
C
May 1
D
April 1
*select an answer for all questions
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