EPF Taxes Test

1

Which of the following is an example of a dependent?

1

Taxes for which the rate changes based on income.

1

The total amount of money earned in a given year before anything is taken out is called what?

1

This is a commonly accepted principle of tax fairness that states that individuals with high incomes should pay more taxes than people with low incomes.

1

Sales tax on fast food is at a rate of 5%. What type of tax is this?

1

In the US it is possible that you will be asked to pay 32% of your income in taxes while your friend only has to pay 22% of their income

1

A stated amount that you may subtract from adjusted gross income instead of itemizing your deductions

1

An IRS audit can be triggered by all of the following EXCEPT...

1

A flat tax where everyone is charged the same percentage of their income.

2

Failure to pay your taxes on time and correctly can result in which punishment? (SELECT ALL THAT APPLY)

1

Taxes must be filed every year by April 1

1

The amount you have to pay in income tax is based on

1

A tax on specific goods such as gas, hotels, utilities, alcohol, etc

1

What does IRS stand for?

5

Match the IRS form to its definition

1

Federal income taxes are taxed at a rate of 25% for someone making $50,000 and 35% for someone making $400,000. What type of tax is this?

2

Match the term to its definition

1

Suppose you got really caught up watching cute kitten videos on YouTube and never filed your taxes last year. This would be called what?

1

The DC area has a toll for the express lanes on the beltway. This is an example of

1

A person who lives with you and receives more than half of his/her living expenses from you.

1

Which is the largest source of federal government revenue?

1

Waiters and waitress must claim tips on the job so it is included in their W-2 and is taxable income.

1

If you made $7,000 in 2021, you dont have to file taxes

4

Some of the items Federal revenue may be spent on are: (SELECT ALL THAT APPLY)

1

The IRS is in charge of creating new tax laws

1

The following are all an example of a tax filing status EXCEPT:

4

Some possible tax deductions include: (SELECT ALL THAT APPLY)

1

Some individuals dont HAVE to file taxes, but it could be to their benefit to file them anyway

1

Types of taxes include all of the following EXCEPT

1

A check from your grandma for you birthday is an example of

1

The IRS enforces tax laws

3

State and local tax revenue could be spent on the following (SELECT ALL THAT APPLY)

1

EPF Taxes Test

Which of the following is an example of a dependent?

Taxes for which the rate changes based on income.

The total amount of money earned in a given year before anything is taken out is called what?

This is a commonly accepted principle of tax fairness that states that individuals with high incomes should pay more taxes than people with low incomes.

Sales tax on fast food is at a rate of 5%. What type of tax is this?

In the US it is possible that you will be asked to pay 32% of your income in taxes while your friend only has to pay 22% of their income

A stated amount that you may subtract from adjusted gross income instead of itemizing your deductions

An IRS audit can be triggered by all of the following EXCEPT...

A flat tax where everyone is charged the same percentage of their income.

Failure to pay your taxes on time and correctly can result in which punishment? (SELECT ALL THAT APPLY)

Taxes must be filed every year by April 1

The amount you have to pay in income tax is based on

A tax on specific goods such as gas, hotels, utilities, alcohol, etc

What does IRS stand for?

Match the IRS form to its definition

Federal income taxes are taxed at a rate of 25% for someone making $50,000 and 35% for someone making $400,000. What type of tax is this?

Match the term to its definition

Suppose you got really caught up watching cute kitten videos on YouTube and never filed your taxes last year. This would be called what?

The DC area has a toll for the express lanes on the beltway. This is an example of

A person who lives with you and receives more than half of his/her living expenses from you.

Which is the largest source of federal government revenue?

Waiters and waitress must claim tips on the job so it is included in their W-2 and is taxable income.

If you made $7,000 in 2021, you dont have to file taxes

Some of the items Federal revenue may be spent on are: (SELECT ALL THAT APPLY)

The IRS is in charge of creating new tax laws

The following are all an example of a tax filing status EXCEPT:

Some possible tax deductions include: (SELECT ALL THAT APPLY)

Some individuals dont HAVE to file taxes, but it could be to their benefit to file them anyway

Types of taxes include all of the following EXCEPT

A check from your grandma for you birthday is an example of

The IRS enforces tax laws

State and local tax revenue could be spent on the following (SELECT ALL THAT APPLY)

Tax brackets are

Which of the following is an example of a dependent?

Taxes for which the rate changes based on income.

The total amount of money earned in a given year before anything is taken out is called what?

This is a commonly accepted principle of tax fairness that states that individuals with high incomes should pay more taxes than people with low incomes.

Sales tax on fast food is at a rate of 5%. What type of tax is this?

In the US it is possible that you will be asked to pay 32% of your income in taxes while your friend only has to pay 22% of their income

A stated amount that you may subtract from adjusted gross income instead of itemizing your deductions

An IRS audit can be triggered by all of the following EXCEPT...

A flat tax where everyone is charged the same percentage of their income.

Failure to pay your taxes on time and correctly can result in which punishment? (SELECT ALL THAT APPLY)

Taxes must be filed every year by April 1

The amount you have to pay in income tax is based on

A tax on specific goods such as gas, hotels, utilities, alcohol, etc

What does IRS stand for?

Match the IRS form to its definition

Federal income taxes are taxed at a rate of 25% for someone making $50,000 and 35% for someone making $400,000. What type of tax is this?

Match the term to its definition

Suppose you got really caught up watching cute kitten videos on YouTube and never filed your taxes last year. This would be called what?

The DC area has a toll for the express lanes on the beltway. This is an example of

A person who lives with you and receives more than half of his/her living expenses from you.

Which is the largest source of federal government revenue?

Waiters and waitress must claim tips on the job so it is included in their W-2 and is taxable income.

If you made $7,000 in 2021, you dont have to file taxes

Some of the items Federal revenue may be spent on are: (SELECT ALL THAT APPLY)

The IRS is in charge of creating new tax laws

The following are all an example of a tax filing status EXCEPT:

Some possible tax deductions include: (SELECT ALL THAT APPLY)

Some individuals dont HAVE to file taxes, but it could be to their benefit to file them anyway

Types of taxes include all of the following EXCEPT

A check from your grandma for you birthday is an example of

The IRS enforces tax laws

State and local tax revenue could be spent on the following (SELECT ALL THAT APPLY)

Tax brackets are