Questions

1) Your friend worked 32 hours in the last two weeks at an hourly rate of $8 per hour. Which of the following should he expect?

Select ALL that apply.

A) His gross pay will be $256.
B) His withholdings will be $8.
C) His net pay will be less than $256.
D) His net pay will be more than $256.

2) An employer withholds taxes from an employee’s...

A) holiday fruit basket and turkey

B) salaries and wages.

C) lottery winnings

D) interest and dividends.

3) Adjusting your __________ is one strategy to reduce your income tax.

A) benefits

B) contributions

C) withholdings

4) You should research the ____________ taxes in different areas before buying a home.

A) sales

B) property

C) income

5) Which of the following statements about taxes are true?

(select three answers)

A) Payroll taxes are used to pay for roads and police.
B) Taxes can be different from one state to another.
C) Some things you buy may require you to pay extra taxes.
D) Employees pay income taxes.

6) Select three examples below of a benefit of income tax.

A) military
B) Social Security
C) national parks
D) roads
E) Medicare

7) Select two examples below of a payroll tax.

A) military
B) Social Security
C) roads
D) national parks
E) Medicare

8) Which of the following is NOT likely to be found on a paystub?

A) How many days of vacation you have left

B) How much you have earned since the start of the year

C) How much you paid in federal taxes

D) How many times you used your health insurance

9) Type your score below from the learning module.

Your score: _______ Possible score: 80

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10) Once you begin working, what are three things you should save?

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11) Taxes pay for which of the following?

(select two answers)

A) Fire station
B) Shopping mall
C) Public school playground
D) Gas station
E) Private swimming pool

12) Throughout history, citizens have been required to paid taxes to the ___________ in the form of a percentage of their goods.

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13) Kayla brought a few extra pennies because she remembered that the dollar store charges a ______________, even on 99-cent items!

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14) For anyone who waited until the last minute to file their _______________ for the previous year, tax day can be a stressful time.

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15) What is the IRS?

A) The U.S. government agency that sets federal tax policy

B) The U.S. government agency that determines how high sales taxes will be

C) The U.S. government agency that oversees the collection of federal taxes

16) Which of the following is an example of a service provided by the federal government?

A) A national chain of fast-food restaurants

B) Cable and satellite television

C) An interstate highway

17) What might happen if the government abolished the social security tax?

A) Retired people would lose a valuable source of income

B) People with jobs could afford to retire

C) The government would not be able to pay its employees

18) Why is money taken out of your paycheck?

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19) How do you benefit from paying taxes?

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20) The Social Security Tax is a state income tax.

True

False

21) If you are required by your school to complete Offline Activities, please attach and complete the log entry.

No offline activities found

0 Hour(s) & 0 Minute(s)

If you are NOT required to complete Offline Activities for this course, please check the box below.

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Taxes

Section A – Paying Taxes

Be sure to watch the video in Let's Practice before answering the following questions.