Taxes Question Preview (ID: 46628)


NGPF Semester Taxes Unit. TEACHERS: click here for quick copy question ID numbers.

The standard Internal Revenue Service (IRS) form that individuals can use to file their annual income tax returns
a) 1040
b) 1099
c) W2
d) W4

Form that details all non-employee compensation, including for specific jobs like freelancers or contractors
a) 1099
b) 1040
c) W2
d) W4

Employee-claimed exemptions on the W-4 to determine how much of an employee's pay to withhold from his or her paycheck for taxes
a) Allowances
b) Exemptions
c) Dependents
d) Deductions

The actual rate you pay on your taxes, as a percentage of your overall income
a) Effective tax rate
b) Income tax rate
c) Estate tax rate
d) Marginal tax rate

The tax bracket that your highest dollar of income falls into, and therefore the highest tax rate you pay
a) Marginal tax rate
b) Effective tax rate
c) Income tax rate
d) Estate tax rate

A government-run insurance program that provides healthcare assistance to low income Americans
a) Medicare
b) Medicaid
c) WIC
d) Unemployment

A government-run insurance program that provides healthcare assistance to elderly and disabled Americans
a) Medicare
b) Medicaid
c) Affordable Care Act
d) Obama Care

Federal and state taxes that all employers must pay, based on a percentage of the employee's salary, toward social services such as Social Security and Medicare
a) Payroll tax
b) Poll tax
c) FICA
d) Progressive tax

A federal program that provides monthly benefits to millions of Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals
a) Social Security
b) Medicare
c) Medicaid
d) FICA

Form that an employer must send to an employee and the IRS at the end of the year to report the employee's annual wages and taxes withheld from their paycheck
a) W-2
b) W-4
c) I-9
d) 1099

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