PFL
Understanding Your Taxes Quiz
Test your knowledge on taxes with our comprehensive quiz! This quiz is designed to help you understand important concepts related to taxation, pay stubs, and government revenue.
Key Features:
- 35 questions covering various taxation topics
- Multiple choice format
- Learn about gross pay, net pay, and types of taxes
1.) The total amount of money a worker earns in a pay period is his or her____________.
Gross Pay
Net Pay
Adjusted Gross Income
Capital Gain
2.) The total amount of money a worker takes home in a pay period is his or her ____________.
Gross Pay
Net Pay
Adjusted Gross Income
Capital Gain
3.) Which of the following is NOT one of the purposes of taxation?
Revenue
Redistribtion
Retailing
Repricing
4.) Public programs such as national defense, public schools, Social Security, and fire and police protection are all paid for through ___________.
Tax Revenue
Capital Gains
Itemized Deductions
Real Estate Taxes
5.) In general, which type of tax is typically used to fund local schools?
Sales Tax
Real Estate Tax
Payroll Tax
Income Tax
6.) Federal income taxes, state income taxes, and Social Security withholdings are all __________.
Payroll Taxes
Real Estate taxes
Sales Taxes
Capital Taxes
7.) Which of the following would LEAST likely be included on an employees pay stub?
The employee's gross pay for the pay period
The employee's total tax owed for the year
The amount withheld from the employee's gross pay for FICA and other payroll taxes
The employee's net earnings for the year
8.) The _________ is the government body that enforces federal tax laws and collects the taxes.
United States Congress
Bureau of Labor
Commerce Department
Internal Revenue Service
9.) You would use a 1040 or 1040EZ to _______________.
Pay Local Taxes
Pay Sales Taxes
File a Tax Return
Receive an estimated tax payment
10.) Taxes are figured based on your earnings during which of the following time periods?
Each month
Each quarter
The calendar year
Every two years
11.) The deadline for filing your federal tax return each year is ___________.
January 1st
December 15th
March 15th
April 15th
12.) The total amount of money a worker earns is not the same as the total amount of money that workers receives as “take-home pay.”
True
False
13.) Itemized personal deductions are the reason for the difference between a worker’s gross pay and net pay.
True
False
14.) Individuals pay a variety of taxes to the government, but businesses do not.
True
False
15.) The federal government does not impose a sales tax.
True
False
16.) Real estate taxes are relatively constant from state to state and even city to city.
True
False
17.) Everyone pays at least some tax each time he or she is paid.
True
False
18.) Workers who are self-employed need to pay regular estimated taxes instead of payroll taxes.
True
False
19.) Workers who earn an income below a certain amount are not required to file a federal tax return.
True
False
20.) Tax laws provide only a few ways for taxpayers to lower their total tax owed.
True
False
21.) Tax paid as part of the purchase price of an item.
Tax
Net Pay
Gross Pay
Tax Return
Payroll Tax
Real Estate Tax
Sales Tax
22.) The total amount of money an individual takes home during a pay period.
Tax
Net Pay
Gross Pay
Tax Return
Payroll Tax
Real Estate Tax
Sales Tax
23.) Money for the government withheld from an individual’s paycheck.
Tax
Net Pay
Gross Pay
Tax Return
Payroll Tax
Real Estate Tax
Sales Tax
24.) Any money collected by a government from its citizens for the purpose of operating the government.
Tax
Net Pay
Gross Pay
Tax Return
Payroll Tax
Real Estate Tax
Sales Tax
25.) The total amount of money an individual earns in a pay period.
Tax
Net Pay
Gross Pay
Tax Return
Payroll Tax
Real Estate Tax
Sales Tax
26.) An annual report of all information related to your income taxes.
Tax
Net Pay
Gross Pay
Tax Return
Payroll Tax
Real Estate Tax
Sales Tax
27.) A tax paid to the government based on the value of the property an individual owns.
Tax
Net Pay
Gross Pay
Tax Return
Payroll Tax
Real Estate Tax
Sales Tax
28.) Primarily used to fund local schools.
Real Estate Taxes
Sales Taxes
Payroll Taxes
29.) Include federal and state income taxes.
Real Estate Taxes
Sales Taxes
Payroll Taxes
30.) A tax for which taxpayers often receive a separate bill.
Real Estate Taxes
Sales Taxes
Payroll Taxes
31.) Collected by merchants and sent to the government.
Real Estate Taxes
Sales Taxes
Payroll Taxes
32.) Are not paid in the same way by people who are self-employed.
Real Estate Taxes
Sales Taxes
Payroll Taxes
33.) Imposed by many states but not by the federal government.
Real Estate Taxes
Sales Taxes
Payroll Taxes
34.) Include FICA payments.
Real Estate Taxes
Sales Taxes
Payroll Taxes
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