Unit 2 Test - Understanding Taxes
Personal Financial Literacy Unit 2 Test
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1. Eli is excited about his first paycheck but his excitement lessens when he realizes his take-home pay is less than he thought. What term refers to Eli’s take-home pay? *
1 point
2. Taxes that take a larger percentage of income from people in higher-income groups are known as a _____
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1 point
3. Bo has worked for several years and has just recently purchased his first house. What tax will Bo have to pay that he has not paid in the past?
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1 point

4. Maria is looking forward to retirement when she turns 67 next year. What tax will provide retirement income to Maria in her retirement?

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1 point
5. The tax that shows up on paycheck stubs as FICA (Federal Insurance Contribution Act) or OASDI (Old Age, Survivors & Disability Insurance) is_____.
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1 point
6. Aaron is enjoying his retirement and has recently turned 70. What tax will help provide health insurance to Aaron in his retirement?
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1 point
7. Which is a mandatory paycheck deduction in most states?
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1 point
8. Jasmine is anxious about filing an income tax return for the first time and is waiting for a form from her employer. What form is Jasmine waiting for so she can file an income tax return? 
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1 point
9. Norma has a high income nearing $120,000 and has recently sold property. What type of federal tax form will Norma use to file an income tax return? 
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1 point
10. Emma has her first part-time minimum wage job and does not have any dependents. What type of federal tax form will Emma use to file an income tax return?
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1 point
11. Isiah has an income of $50,000 and needs to claim adjustments to IRA contributions. What type of federal tax form will Isiah use to file an income tax return?
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1 point
12. Clay is not very organized and has not filed an income tax return for the past several years. He is not concerned because he doesn’t make that much anyway. What could happen to Clay?
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1 point
13. Individuals must file income tax returns by the fifteenth of ______.
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1 point
14. What determines whether or not an individual will receive a tax refund?
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1 point
15. Dean only earned $3,800 last year and is anticipating a tax refund, but instead finds out he owes money. Why would Dean owe money to the IRS? 
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1 point
16. FICA programs provide benefits for all of the following except:
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1 point

17. Which tax form tells employers how much tax to withhold from your pay?

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1 point
18. Sales tax is an example of a ______ tax.
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1 point
19. All of the following services benefit from property taxes except ______.
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1 point
20. Deductions made with pre-tax dollars and used for specific things such as health care or child care. *
1 point
21. Support state government, roads, and state services *
1 point
22. National health insurance plan. *
1 point
23. Program that provides income for people who become disabled or who retire at 62 years of age or later. *
1 point
24. Usually the largest deduction based on a Form W-4 or Employees Withholding Allowance Certificate. *
1 point
25. Gross income is the amount of money you earn in a pay period. *
1 point
26. If you have a higher income, a greater percentage of your earnings will be deducted. *
1 point
27. Tax evasion is a serious crime that can lead to prison. *
1 point
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