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Taxes
Test Description: Review
Instructions: Answer all questions to get your test result.
1) Term used to desribe income before taxes.
A
Medicare
B
deduction
C
gross pay
D
payroll tax
2) Term used to record items that reduce taxable income.
A
withholdings
B
deductions
C
payroll taxes
D
federal income taxes
3) The amount the employer deducts from an employee's paycheck and send it directly to the government.
A
net pay
B
deductions
C
withholding
D
payroll tax
4) A tax on earned income that supports Social Security, Medicare, and Medicaid (FICA).
A
federal income tax
B
deduction
C
payroll tax
D
net pay
5) A sum of money demanded by a government to support its services.
A
net pay
B
withholding
C
deductions
D
taxes
6) Tax on earned and unearned income.
A
Social Security
B
Medicare
C
payroll tax
D
income tax
7) Income for retirees, people with disabilities, children who have lost a parent, and a person whose spouse has died and has children.
A
federal income tax
B
Social Security
C
Medicare
D
Medicaid
8) Helps pay for healthcare for senior citizens.
A
net pay
B
Medicare
C
Medicaid
D
Social Security
9) A tax on property such as land, buildings, homes, and motor vehicles.
A
sales tax
B
payroll tax
C
excised tax
D
property tax
10) A tax on items purchased in retail stores.
A
sales tax
B
payroll tax
C
property tax
D
excised tax
11) Taxes charged on consumption items such as alcohol, gas, and cigarettes.
A
property tax
B
excised tax
C
sales tax
D
payroll tax
12) Income left after all deductions.
A
deductions
B
withholding
C
gross pay
D
net pay
13) Helps pay for prescription drugs for senior citizens.
A
state income tax
B
Medicaid
C
federal income tax
D
Medicare
14) A form required by employers to determine the amount of withholding for federal income taxes.
A
W-2 Form
B
1040EZ Form
C
W-4 Form
D
1040A Form
15) Required by law to be sent to the employee, which lists the income, federal tax withheld, and payroll tax withheld.
A
W-4 Form
B
W-2 Form
C
1040A Form
D
1040EZ Form
16) What is the date by which federal incomes taxes must be filed?
A
April 15
B
April 1
C
April 30
D
April 20
17) Income earned from dividends, savings account, and rental property.
A
earned income
B
unearned income
C
miscellaneous income
D
None of the above.
18) Term which means Internal Revenue Service.
A
TRS
B
MRS
C
None of the above.
D
IRS
*select an answer for all questions
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