Taxes II Question Preview (ID: 30793)


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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) pays the taxes for all the members of the family
d) depends on their job for needed financial support to pay their expenses

How do you benefit from taxes?
a) Because you are better off being part of a community than being by yourself.
b) Because taxes are a sum of money demanded by the government.
c) Because taxes fund research and other corporate advancements.
d) Taxes only benefit poor and low income families.

Income taxes differ from payroll taxes because...
a) Income taxes are on both earned and unearned income.
b) Income taxes are paid on earned income only.
c) Income taxes fund Social Security and Medicare programs.
d) Income taxes are paid according to a set percentage and proportional to the employee’s earnings.

The following are examples of unearned income except
a) commissions
b) interest
c) dividends
d) social security payments

__________ income is the amount you take home after deductions have been subtracted.
a) Unearned
b) Earned
c) Gross
d) Net

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) Gross Earnings
b) Net Income
c) Hours and Wage Rates
d) Employer Contributions

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 Form 1040EZ
b) Complete a W-4
c) Complete a Form 1040
d) Complete a W-2

Which of the following is not an optional deduction from your pay?
a) social security tax
b) health insurance
c) life insurance
d) savings plan

The form used to report taxable income a worker received during the calendar year is
a) Form 1040
b) Form 1040A
c) Form W-2
d) Form W-4

Which of the following is considered to be a progressive tax?
a) FICA
b) property tax
c) federal income tax
d) sales tax

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) Hunter will need to pay his federal and state taxes as well as self-employment tax on his earnings.
b) 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
c) Hunter will need to pay his federal and state taxes as well as 7.65% in payroll taxes on his earnings.
d) Hunter will not need to pay taxes on the income from this business because he is not an employee.

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) Jim is a 37 year old man who lost his job and is unable to afford health insurance for himself or his children.
b) Ivan is 60 years old and was injured at work. His employer needs to provide temporary income for him.
c) Rachel is a seventeen year old high school student who is broker her leg and needs assistance with her medical expenses.
d) Rosie is 67 years old and in need of a health insurance program.

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 W-4
b) Form 1040
c) Form I-9
d) Form W-2

The book salesman earned 10% of the purchase value of every book he sold. What form of monetary compensation is this?
a) Commission
b) Salary
c) Per Diem
d) Hourly Wage

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