Show:
Federal Taxes
Payroll Taxes
Forms
Filing your Taxes
Paystub
Do you Dare?
100

Which tax is the US government's largest source of revenue?

1. Sales Tax

2. Income Tax

3. Property Tax



What is income tax?

100

What does the term "withholding" mean in reference to your paycheck?

  1. The amount of your paycheck that you are NOT being taxed on
  2. How much you are going to owe the government when you file your annual tax return
  3. How much you earn and includes salary, bonus and commissions
  4. How much is being taken out of your paycheck for things like taxes, employer sponsored health insurance, and retirement

What is how much is being taken out of your paycheck for things like taxes, employer sponsored health insurance, and retirement?

100

You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for taxes?

  1. W-4
  2. W-2
  3. I-9
  4. 1040

What is a W-4?

100

When determining whether you NEED to file a federal tax return, each of these questions matters EXCEPT…

  1. How much income did you earn this year?
  2. What type of income did you earn this year?
  3. What state do you live in?
  4. Are you claimed as a dependent on anyone else's tax return?

What is what state do you live in?

100

This type of tax makes all tax payers pay the same percentage of tax.

What is Proportional Tax?

100

What country Invented Taxing?

What is England?

200

Mandatory government (FICA) spending includes which of the following?

  1. Infrastructure and science
  2. Social Security and Medicare
  3. Healthcare and military
  4. Education and agriculture

What is Social Security and Medicare?

200

Which of the following paycheck withholdings puts money into a retirement investment fund that you will manage?

  1. Social Security
  2. Medicare
  3. 401(k) contribution
  4. Federal income taxes

What is 401(k) contribution?

200

If you:

  • Pay for more than half of the expenses for a qualifying household
  • Are unmarried
  • Have a qualifying child or dependent

What should your filing status be on your W-4?

What is head of household? 

200

Your friend Laila is talking to you about the benefits of tax filing websites. Which of the following is true?

  1. Filing your taxes using a website is always free of charge
  2. You are guaranteed a higher refund than if you were to use a paper form or hire a professional
  3. If you owe money to the IRS, you receive a discount if you e-file use a tax filing website
  4. You can avoid the costs of having to pay a professional (Accountant/CPA), though you may have to pay for e-filing online

What is you can avoid the costs of having to pay a professional, though you may have to pay for e-filing online?


200

This type of tax makes poor and low income tax payers pay a higher percentage of tax?

What is regressive tax?

200

The average annual income in 1913 was

What is $800?

300

Which of the following describes what a "dependent" is for tax purposes?

  1. A child or adult that you support financially
  2. Someone who is temporarily disabled
  3. An adult who financially supports you
  4. Someone who is a full-time student under the age of 30

What is a child or adult that you support financially?

300

Jessica is 16 years old and earned $1,100 through her photography side gig. 18% of her earnings went to federal taxes. How much did she pay in federal taxes?  


What is $198?

300

Which of the statements about this W-4 is TRUE?

1. Mr. Khan is filing as married filing jointly

2. Mr. Khan is requesting for an additional $50 to be withheld from his paycheck

3. Mr. Khan submitted this W-4 two days after he started working at Little Company Inc. 

Mr. Khan’s paycheck will have less money withheld from his paycheck since he is claiming a dependent

What is Mr. Khan’s paycheck will have less money withheld from his paycheck since he is claiming a dependent?

300

When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called a __________.

  1. withholding
  2. direct deposit
  3. deduction
  4. refund

What is a refund?

300

On a pay stub, this indicates the total amount of money received by an employee after all deductions are taken out.



What is net pay?

300

What is largest expense on average for our states?

What is Medicare?

400

If a taxpayer fills out their W-4 in a way that does not withhold enough money to cover their tax obligation, what is the most likely outcome after they file their taxes?

  1. They will receive a refund
  2. They will owe a payment to the IRS
  3. They will be audited
  4. They will be charged with tax evasion

What is they will owe a payment to the IRS?

400

Who is responsible for paying payroll tax?

1. Employee

2. Employer 

3. Employee and Employer 

4. US Government

What is Employee and Employer?

400

Elaine just accepted a new job and is working with the company’s HR department to fill out paperwork. Which of the following steps is she responsible for?

  1. Determine how much tax to withhold from her paychecks based on W-4 information
  2. Complete a W-4 form
  3. Send withholding amounts to the federal government
  4. Complete a W-2 form

What is complete a W-4 form?

400

If your only income is salary paid by your employer, which of these statements about filing your taxes is true?

  1. You need to file your tax return by the end of the calendar year (typically December 31st)
  1. If your employer takes out federal income taxes through payroll withholdings, you do not need to file a tax return
  2. You must file your tax return by the deadline (typically April 15th of the following year) or request an extension by that date
  3. You do not need to pay any income taxes until April 15th, so you should ask your company to wait until after that date to withhold any money

What is You must file your tax return by the deadline (typically April 15th of the following year) or request an extension by that date?

400

YTD on a pay stub stands for




What is "Year to Date"?

400

In what country do cereal companies receive a tax break for putting a toy inside the box?

What is Canada?

500

Akshay worked at a cafe while he was a college senior in Boston, Massachusetts. After graduating in June, he moved back to his home in California and started a full-time job in September. Which of the following statements is true?

  1. Akshay will need to file only a federal tax return
  2. Akshay will need to file a federal tax return and a state tax return for Massachusetts
  3. Akshay will need to file a federal tax return and a state tax return for both Massachusetts and California

What is Akshay will need to file a federal tax return and a state tax return for both Massachusetts and California?

500

Juanita has a part-time job that pays $12/hour and works about 50 hours every month. Her withholdings are Social Security (6.2%), Medicare (1.45%) and federal income tax (10%). What is her approximate net pay (Round to the nearest 100)?

  1. $120
  2. $500
  3. $600
  4. $700

What is $500?

500

What is the name of the tax form that your employer gives you in January that allows you to file income taxes?

  1. I-9
  2. W-2
  3. 1040
  4. W-4

What is a W-2?

500

Jesse has a part-time job which pays $3,017 for the year. During the year 16% is taken out for Federal Taxes. At the end of the year when taxes are calculated, Jesse discovers that only 8% needed to be paid in taxes. How much of a refund will Jesse receive? 




What is $241.36?

500

Peter's Paystub read the following:

Gross: $600

FICA SS: $37.20

FICA Medicare: $8.70

Fed Income Tax: $21.46

State Income Tax: $22.19


What percent of Peter's Gross Income was deducted? (Round to the nearest percent)

What is 15%?

500

On average, how long does it take one to file their income tax?

What is about 13 hours?