VB Personal Finance Paying Your Taxes (Reading Quiz)

QUESTION 1 of 10: The W2 form: b) Is provided to you by your employer, and it lists total income and all tax withheld amounts
QUESTION 2 of 10: Which of the following forms reports interest income earned on a savings account? c) 1099INT
QUESTION 3 of 10: A paycheck has withholding tax taken out: b) That is paid to state and federal taxing authorities
QUESTION 4 of 10: The penalty for not paying taxes owed: b) Includes penalty fees and interest calculated starting April 15 of the year the taxes are owed
QUESTION 5 of 10: A major payroll tax is called: a) FICA, for Federal Insurance Contributions Act
QUESTION 6 of 10: To file your taxes, you need: c) W2 and 1099INT reports, and charitable deduction receipts
QUESTION 7 of 10: A program like Quicken or Money: a) Can help keep track of receipts over a year to make taxes easier to complete
QUESTION 8 of 10: Taxes go to pay for: c) Social Security 21%, National Defense 21%, and net interest 9%
QUESTION 9 of 10: Tax refunds: a) Occur when a taxpayer’s income tax payments, including withholdings, exceed what they owe
QUESTION 10 of 10: The federal government: a) Is the national government of the U.S. that takes in taxes and funds such programs as maintaining interstate highways and the military

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