30 Questions and Summary About Taxes

Taxes are things that we often encounter every day. But sometimes we forget a few things about taxes. Here are some summaries about taxes as well as questions to test our knowledge of taxes. Hope it is useful.

Summary of Taxes

  • Taxes are a sum of money that the State or Federal Government mandates its citizens pay in order to support the government itself and all of its services. 
  • Taxes are a sum of money demanded by a government for support of itself and specified programs and services
  • Three ways you have benefited from taxes today are Schools, Libraries, and Clean Communities.
  • Payroll Tax is Tax on Earned Income
  • Federal Income Tax is a tax that supports the federal government all its systems, highway construction and the military.
  • The W-4 form lets your employer know how much to withhold from your paycheck
  • If you do not pay your taxes your credit score may be impacted
  • Gross Pay is the total amount of earnings before any deductions are taken out
  • Net Pay is the amount of salary received after taxes and deductions
  • Property Tax is type of tax funds local schools
  • Federal taxes are the same in every state
  • Taxes are paid by people to support themselves.
  • Property tax is based on the value of personal property, home, land and etc
  • Payroll and Income Tax are taxes that are deducted from a person’s paycheck.
  • Sales Tax. This tax is added to a purchase you make.
  • Social Security Tax are taxes come out of a person’s paycheck and is meant to help people once they retire.
  • We need to pay taxes, to collect money to run the government.
  • Sales tax is added to the price.
  • Discount is subtracted from the price.
  • Sales Tax is a tax on retail items
  • Taxes are Money you must pay to the government
  • Sales Tax is applied when purchase goods or services
  • Payroll taxes helps support medicare and social security programs.

30 Questions

1. Jared bought a new boat. He had to pay which kind of tax on his new boat?
A Property Tax B Payroll tax
C Sales tax D Income Tax

2.
What do you need to file your 1040 or 1040EZ form?
A Your W-2 B Your W-4
C Your prior year’s tax return D Social Security Number

3. This is a tax on retail items
A Payroll B Property
C Income D Sales

4.
Who primarily uses our tax money?
A Your employer B The state government
C The Federal government D Local Businesses

5. Payroll and _________ are taxes that are deducted from a person’s paycheck.
A Income Tax B Sales Tax
C Property Tax

6. Sally owns a gas station. What type of tax will she have to pay on the land that the gas station is on?
A Property Tax B Income Tax
C Sales tax D Payroll Tax

7. Discount is ____________ from the price.
A Mr. Ed is very old B added
C subtracted D divided

8. Sales tax is __________ to the price
A subtracted B divided
C added D multiplied

9. What is Payroll Tax?
A Tax on Unearned Income B Tax on Earned Income
C Taxes on the Wages you earn from your Employer
D Tax on Earned and Unearned Income

10.
The total amount of earnings before any deductions are taken out
A Gross Pay B Net Pay
C After-tax Income D Yucky Pay

11. Which type of tax funds local schools?
A Sales Tax B Income Tax
C Excise Tax D Property Tax

12. Jose Altuve for the Houston Astros makes $625,000 every year. He has to pay taxes on the money his annual earnings. Which type of tax is that?
A Income Tax B Sales tax
C Property Tax D Payroll tax

13.
What type of tax is applied when purchase goods or services?
A Excise B Sales
C Income D Property

14. What is Federal Income Tax?
A A tax that supports the air traffic navy platoon system, the national board of realtors as well as the web of excessive disproportionate growth.
B Money that supports the Executive, Legislative, and Prejudicial branch of the government.
C Funds the Disney Corporation with money it needs to operate. D
A tax that supports the federal government all its systems, highway construction and the military.

15. Why do we need to pay taxes?
A To collect money to run the government, B To collect money to buy car.

16. Property tax is based on the value of personal property, home, land and etc.
A True B False

17. What are three ways you have benefited from taxes today?
A Highway Signs, Highways, and bike reflectors
B Schools, Libraries, and Clean Communities
C Police Officers, Teachers, and the Internet D Zoo’s, Arena’s, and Walmart

18. The amount of salary received after taxes and deductions
A Bill B Gross Pay
C Total Earnings D Net Pay

19. Taxes are –
A Money you must pay to the government B Money in someone’s piggy bank
C Money given to you by the government D Free money to you

20.
Which is TRUE if you do not pay your taxes?
A You owe twice as much the following year
B You’re more likely to be approved for low interest loans
C Your credit score may be impacted
D You cannot go to jail (but you will be heavily fined)

21. This tax is added to a purchase you make.
A Income Tax B Sales Tax

22.
A sum of money demanded by a government for support of itself and specified programs and services
A Fee B Taxes
C Bill D Tax Payer

23. What are Taxes?
A A Sum of Money that the Federal Government charges its citizens to clean up their messes.
B A sum of money that the State or Federal Government mandates its citizens pay in order to support the government itself and all of its services.
C A Sum of money that the Federal government pays its citizens for good behavior.
D A Sum of Money that the State Mandates its Businesses pay in order to support the cleaning of their parking lot.

24.
Which of the following taxes helps support medicare and social security programs?
A Excise B Sales
C Payroll D Income

25.
The W-4 form lets…
A you know how much you paid in taxes last year
B the government know how much you paid in taxes last year
C the 3 major credit bureaus know how many dependents you have
D your employer know how much to withhold from your paycheck

26.
Our tax money is spent on all of the following EXCEPT:
A Private School Education B The Military
C Social Security D National Parks

27. Federal taxes are the same in every state
A True B False

28. If you receive 25% off an item costing $22.00, how much money do you save?
A $6.00 B $7.35
C $ 5.50 D $ 4.25

29. Taxes are paid by people to support themselves.
A False B True

30. These taxes come out of a person’s paycheck and is meant to help people once they retire.
A Social Security Tax B Sales Tax

Answer Key

1. c 2. 3. d 4.
5. a 6. a 7. c 8. c
9. b 10. a 11. d 12. a
13. b 14. d 15. a 16. a
17. b 18. d 19. a 20. c
21. b 22. b 23. b 24. c
25. d 26. a 27. a 28. c
29. a 30. a

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