Withholdings and deductions are . . .
Chapter 10 Test

Flashcard
•
Social Studies
•
12th Grade
•
Hard
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21 questions
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1.
FLASHCARD QUESTION
Front
Back
Expenses that are taken out of your paycheck
2.
FLASHCARD QUESTION
Front
What does the Form W-4 estimate?
Back
How much tax you'll owe based on your personal situation.
3.
FLASHCARD QUESTION
Front
If you work and earn money, you will have to pay taxes.
Back
True
4.
FLASHCARD QUESTION
Front
What is the main IRS form that most Americans use to file their taxes?
Back
Form 1040
5.
FLASHCARD QUESTION
Front
Which of the following is most likely to need the help of a tax professional?
Salaried workers, Minimum-wage workers, College graduates, Self-employed people
Back
Self-employed people
6.
FLASHCARD QUESTION
Front
Only a few states have inheritance tax, which . . .
Back
Requires you to pay tax on an asset you receive when someone passes away
7.
FLASHCARD QUESTION
Front
When you pay taxes on a purchase, the seller gets to keep that money.
Back
True
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