Fin. Lit. - The Basics of Taxes

Question 1

This tax form is filled out prior to working & used to calculate how much tax is to be withheld

Accepted Answer

W-4

Question 2

This tax form is used to determine how much State Tax should be withheld:

Accepted Answer

IT-2104

Question 3

Income received from sources other than employment. Ex: interest on savings/invesstments

Accepted Answer

Unearned Income

Question 4

A type of tax on land, homes, cars, boats, etc. Helps fund schools & other expenses:

Accepted Answer

Property Tax

Question 5

This type of tax is often included in the purchase price of the good/services. Ex. gas

Accepted Answer

Excise Tax

Question 6

Helps fund citizens for retirement, profound disabilities, & children who have lost a parent

Accepted Answer

Social Security

Question 7

People who pay taxes (federal, state, county, or local levels) that live in the US.

Accepted Answer

Taxpayers

Question 8

A tax on purchased goods/services. Helps fund state & local governments. Varies by state.

Accepted Answer

Sales Tax

Question 9

This required tax form helps to file taxes & lists wages, taxes paid, FICA deductions

Accepted Answer

W-2

Question 10

Fund used to pay for health care for citizens that are retired, & disabled.

Accepted Answer

Medicare

Question 11

Type of tax on earned income that supports the Social Security & Medicare programs

Accepted Answer

Payroll Tax

Question 12

Money earned from working for pay: wages & salaries from employment

Accepted Answer

Earned Income

Question 13

This tax form is used to determine if individuals are eligible to work:

Accepted Answer

I-9

Question 14

Sum of money that a gov't mandates it's citizens to pay in order to support & provide services:

Accepted Answer

Taxes

Question 15

This tax form is used to file Fed. Income Tax Returns. Anyone who received income must file

Accepted Answer

1040 EZ

Questions 15