1. Which of the following is NOT a type of tax?*Income taxProperty taxSocial services taxPayroll tax2. The federal government collects taxes from people in order to…*Fund government goodsFund government servicesFund government payments to those in needAll of the above3. True or False: A flat tax of 25 percent is assessed to all forms of income made through a job.*TrueFalse4. If you get a job at your favorite clothing store in the mall, FICA taxes are deducted from your paycheck to fund…*Medicare and Social SecurityMedicare and Unemployment InsuranceSocial Security and Unemployment InsuranceThe president’s annual vacation5. A form of taxable income is…*An inheritanceWagesDamages from a lawsuitAll of the above6. A form of non-taxable income is…*Child supportAlimonyWelfare benefitsAll of the above7. What is gross income?*Gross income is the amount that remains after all deductions have been taken from your earningsGross income is the total amount of your earnings before deductions are takenGross income is your total income minus your net incomeNone of the above8. If the sales tax rate in your state of residence is six percent, how much would the sales tax be on a television that costs $798? 9. FUTA is an acronym for… 10. When you start a new job, employers use which of the following forms to determine the correct amount of federal income tax to withhold from your paycheck?*$39.90$45.48$47.88$48.009. FUTA is an acronym for…*The Final Unemployment Tax Act, which is paid in full by employeesThe Federal Unemployment Tax Act, which is paid in full by employersThe Federal Unemployment Tariffs Act, which is paid in full by employersNone of the above10. When you start a new job, employers use which of the following forms to determine the correct amount of federal income tax to withhold from your paycheck?*IRS Form W-4IRS Form 1099IRS Form 1098IRS Form 1101 Created by Allison Martin February 14, 2018 60 views
