Banking: How to Manage Your Money Answers
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The image shows a W-2 form.
A
It shows how much a person paid in taxes, and how much more is due.B
It shows how much a person earned, and how much was withheld in taxes.C
It shows how much a person earned, and how much tax is to be refunded.D
It shows how much a person paid in taxes, and whether they have a spouse.2
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In addition to federal income tax, many people also pay
A
corporate tax.B
state income tax.C
local medicare tax.D
local social security tax.3
Property taxes are based on
A
where a property is located.B
who lives on a property.C
how much a property is worth.D
when a property was purchased.4
The chart shows a sample paycheck stub.
A
added to employee pay.B
withheld from employee pay.C
refunded in employee pay.D
filed through employee pay.6
Sales tax is calculated
A
based on the number of items purchased.B
using a percentage of the price of an item.C
before a sale discount is applied.D
as a percentage based on federal law.7
Which best summarizes the purpose of a W-4 form?
A
It helps determine the amount of taxes withheld from an individual’s paycheck.B
It helps determine when taxes are due and if money is owed to the IRS.C
It helps determine whether a person has dependents who must also pay taxes.D
It helps determine when a person needs to pay local income taxes.8
The document shows a 1040 form.
A
state tax.B
local tax.C
federal tax.D
sales tax.10
The chart shows taxable income.
A
Income is what a person earns, while taxable income reflects deductions subtracted for relevant expenses.B
Income is what a person earns, while taxable income reflects what is left after paying federal taxes.C
Income is what a person earns, while taxable income reflects what is left after paying local and state taxes.D
Income is what a person earns, while taxable income reflects what is received from the IRS in a tax refund.Did you find these answers helpful?
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