Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
Taxes II
Test Description: Fuhrms
Instructions: Answer all questions to get your test result.
1) A dependent is a person who:
A
relies on the taxpayer for financial support
B
relies on the government for their Social Security benefit check
C
depends on their job for needed financial support to pay their expenses
D
pays the taxes for all the members of the family
2) How do you benefit from taxes?
A
Because taxes fund research and other corporate advancements.
B
Taxes only benefit poor and low income families.
C
Because you are better off being part of a community than being by yourself.
D
Because taxes are a sum of money demanded by the government.
3) Income taxes differ from payroll taxes because...
A
Income taxes fund Social Security and Medicare programs.
B
Income taxes are paid according to a set percentage and proportional to the employee’s earnings.
C
Income taxes are paid on earned income only.
D
Income taxes are on both earned and unearned income.
4) The following are examples of unearned income except
A
social security payments
B
dividends
C
interest
D
commissions
5) __________ income is the amount you take home after deductions have been subtracted.
A
Unearned
B
Earned
C
Gross
D
Net
6) Shannon is reviewing her pay stub to determine how much money she earned before her deductions were subtracted. Which column should she check to find this amount?
A
Hours and Wage Rates
B
Employer Contributions
C
Gross Earnings
D
Net Income
7) Last year, you worked your first part-time job. In January, you received a tax form for your employer reporting the amount of income you earned and taxes withheld from your pay. You will take this form to calculate how much you owe in income taxes
A
Complete a W-4
B
Complete a Form 1040
C
Complete a W-2
D
Complete a Form 1040EZ
8) Which of the following is not an optional deduction from your pay?
A
savings plan
B
social security tax
C
health insurance
D
life insurance
9) The form used to report taxable income a worker received during the calendar year is
A
Form W-2
B
Form 1040A
C
Form W-4
D
Form 1040
10) Which of the following is considered to be a progressive tax?
A
FICA
B
federal income tax
C
property tax
D
sales tax
11) Hunter is a full time student, a skilled mechanic and an entrepreneur. He started an automotive repair business on the side. Hunter is excited that the amount of money he will take home each week from his customers because no taxes will deducted fro
A
It is illegal for Hunter to receive payment for his work in cash even if he pays any taxes he owes. He could be fined for doi
B
Hunter will need to pay his federal and state taxes as well as 7.65% in payroll taxes on his earnings.
C
Hunter will need to pay his federal and state taxes as well as self-employment tax on his earnings.
D
Hunter will not need to pay taxes on the income from this business because he is not an employee.
12) Medicare is provided by the Federal Government for individuals in specified circumstances. In which of the situations below would the individual most likely be receiving Medicare funds?
A
Ivan is 60 years old and was injured at work. His employer needs to provide temporary income for him.
B
Rachel is a seventeen year old high school student who is broker her leg and needs assistance with her medical expenses.
C
Rosie is 67 years old and in need of a health insurance program.
D
Jim is a 37 year old man who lost his job and is unable to afford health insurance for himself or his children.
13) Danny's new employer instructed him to come by the office and complete an Employee's Withholding Allowance Certificate. What type of form is this?
A
Form 1040
B
Form W-2
C
Form I-9
D
Form W-4
14) The book salesman earned 10% of the purchase value of every book he sold. What form of monetary compensation is this?
A
Hourly Wage
B
Per Diem
C
Salary
D
Commission
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?