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Tax Deductions and Withholdings Quiz

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Questions and Answers

What is gross pay?

The amount earned per pay period before any deductions or taxes (correct)
The total amount of taxes paid
The amount earned after taxes are paid
The amount received after taxes and deductions are taken out

What is a W-4 form used for?

To provide government goods and services for citizens
To determine the percentage of income to deduct for federal income taxes (correct)
To calculate state income taxes
To estimate net pay after taxes

What is net pay?

The amount received after taxes and other deductions are taken out (correct)
The amount earned per pay period before any deductions or taxes
The amount earned after taxes are paid
The total amount of taxes paid

What is income tax?

A tax on the amount of income people earn (A) Signup and view all the answers

What is the purpose of the W-4 form?

To determine the amount of income tax to be deducted from each employee's paycheck (D) Signup and view all the answers

What is the total FICA tax percentage for 2010?

15.3% (C) Signup and view all the answers

Who is responsible for the entire FICA percentage?

Self-employed individuals (D) Signup and view all the answers

When are taxpayers required to submit their tax reports for the previous year?

April 15 of the following year (D) Signup and view all the answers

What is the purpose of the 1040 EZ form?

To submit a simple tax return (A) Signup and view all the answers

What is the principle behind tax collection in the United States?

Pay as you earn income (C) Signup and view all the answers

What is the purpose of the tax refund from the federal government?

To refund overpaid income tax (B) Signup and view all the answers

What does FICA stand for?

Federal Insurance Contributions Act (A) Signup and view all the answers

What is the employee's share of FICA for 2010?

7.65% (A) Signup and view all the answers