Personal Finance Review Game: Question Preview (ID: 29847)

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What is itemized tax deduction?
a) specific experse such as a medical experse that you can deduct from gross pay
b) amount of money set by IRS thats not taxed
c) amount of taxes that are deducted
d) amount of money owed

What is a standard tax deduction?
a) amount of money set by IRS thats not taxed
b) amount of money that gets deducted
c) specific experse such as medical experse that you deduct from gross pay
d) amount of taxes owed

What is another word for tax exempt income?
a) excluded
b) cut out
c) excused
d) exemption

What is a taxable income?
a) amount of income thats used to calculate an individuals or companys income tax
b) only specific people get taxed on
c) taxes that have to do with anything that are indoors
d) to be exempt from paying taxes

What is an adjusted gross income?
a) employees net pay
b) the money employee gets to take home
c) individuals total gross income minus specific deductions
d) their annual salary

What does unemployment compensation mean?
a) money that substitutes for wages or salary paid to recently unemployed workers under a program
b) to fire someone from their job
c) to hire someone for a new job
d) money thats given to the employees

What is a 1040?
a) amount a person makes
b) a record of an individuals paychecks
c) a pension plan
d) individuals use to file their annual income tax returns

How do you become eligible to fill out a 1040a form?
a) an individual must fulfill certain requirements such as not owning a business and having a taxable income less than $100000
b) owning a business
c) make less than $100000
d) itemizing deductions

What is the 1040 EZ?
a) a form that is very easy to fill out
b) a tax form that offers an easier and faster way to file taxes
c) reports how much money employee receives form working
d) an immigration form

What is income tax?
a) tax on wages, salaries and self employed earning
b) taxes that come inside
c) the highest amount of taxes
d) taxes that are only paid by rich people

What does Withholding allowance mean?
a) allowing someone to do something
b) another word for salary
c) exemptions on the tax form employers use to determine how much of an employees pay to subtract from its paycheck to remit
d) to withhold someone from doing something

What is a W-2 form?
a) a form to own a car
b) a form that an employer must send to an employee and IRS
c) a form for taxes
d) a form thats filled out by the employee

What is a W-4 form?
a) a form completed by an employee to indicate the tax situation to the employer
b) a form to own a car
c) a form that an employer must send to an employee and IRS
d) a form for immigration

What is tax exemption?
a) a deduction from adjusted gross income for the taxpayer, spouse and qualified dependents
b) required to pay
c) amount of taxes that are owed
d) a form an employee fills out to be exempted from paying taxes

What is a tax refund?
a) the difference between taxes paid and taxes owed
b) a refund on your taxes
c) the amount of taxes given back for only specific people
d) amount of taxes owed

What is a text credit?
a) amount of taxes owed
b) the difference between taxes paid and taxes owed
c) amount of money that can be subtracted directly from taxes you owe
d) taxes for using a credit card

What is tax liability?
a) amount of taxes owed
b) tax deductions
c) difference between taxes paid and taxed owed
d) a tax thats liable

What is tax extension?
a) only non-business people are able to get a tax extenstion
b) an exemption made to both individual taxpayers and businesses that are unable to file tax
c) a type of tax deduction
d) a great way to save money

What is a tax audit?
a) examination of your tax return by IRS to verify that your income and deductions are accurate
b) another name for tax deductions
c) taxes on audio instruments
d) amount of taxes owed

What is an estate tax?
a) a tax that only Illinois pays
b) a tax deduction
c) federal tax collected on the value of a persons property at the time of his or her death
d) a tax that the state pays for

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