W-4 Form Quiz

What is a W-4 form used for?

• To apply for a job

• To determine tax withholding

• To register for health insurance

• To request a salary increase

Who must complete a W-4 form?

• Only managers

• All employees

• Only part-time workers

• Only self-employed individuals

What are the two main types of payroll taxes?

• Sales taxes and property taxes

• Income taxes and FICA taxes

• Luxury taxes and estate taxes

• Capital gains taxes and excise taxes

What are income taxes based on?

• Your spending habits

• Your earned income

• Your savings account balance

• Your credit score

What is the federal income tax used to provide?

• Local goods and services

• National defense and highways

• Public safety and transportation

• Education and healthcare

All states in the U.S. have a state income tax?

• False

• True

What services are provided by state income tax?

• National defense and highways

• Local goods and services like public safety and transportation

• International aid and foreign relations

• Space exploration and research

Which programs does FICA consist of?

• Social Security and Medicare

• Medicaid and Social Security

• Medicare and Medicaid

• Social Security and Unemployment

What is the role of Social Security for workers?

• Supplements retirement accounts and assists unemployed or disabled people

• Provides health insurance for all citizens

• Offers unemployment benefits only

• Funds education for children

What is Medicare?

• A private health insurance program

• A government health insurance program

• A retirement savings plan

• A type of tax