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EPF Taxes Test

Last updated over 3 years ago
33 questions
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

Draggable itemCorresponding Item
This document is provided to you from any entity you may have received money from other than your employer. It states the money you received so that you can report it on your taxes.
W-2
This is the form used to file taxes and determines whether you will receive a refund or have to pay the government additional taxes for a given year.
W-4
Your employer is legally obligated to send you this tax document which summarizes the wages you earned and the taxes you paid by January 31st each year.
1040
This form comes from your employer and outlines your gross pay, net pay, and all taxes or other deductions taken out each pay period.
1099
A form you fill out when starting a job that helps determine the amount of taxes taken out of your paychecks.
paystub
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

Draggable itemCorresponding Item
Deductions
Individual expenses the law allows you to subtract from your total gross income at the end of the year to determine the amount that you will pay taxes on when filing your taxes.
Exemptions
Selected when you start a job to determine how much tax money will be taken out of your paycheck each pay period.
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

Tax brackets are