True/False
Indicate whether the
statement is true or false.
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1.
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Permanent income tax was established in the United States in 1861.
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2.
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Medicare is taken from your paycheck at a tax rate of 1.45%.
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Multiple Choice
Identify the choice that
best completes the statement or answers the question.
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3.
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When was income tax withholding introduced by the IRS?
a. | during the Civil War | c. | 1913 | b. | during World War I | d. | during World War
II |
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4.
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When your income tax is withheld by your employer, the amount of money you made
and the money withheld is reported to you, the IRS and other tax agencies on what form?
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5.
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Which is NOT a tax rate to be used in the most recent tax year?
a. | 10% | c. | 18% | e. | 28% | b. | 15% | d. | 25% | f. | 35% |
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6.
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Most local taxes are generated through _____________ taxes.
a. | sales | b. | property | c. | income | d. | estate |
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Numeric Response
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7.
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You must file your federal income tax return each year by April ______th.
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8.
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The current Employee Social Security tax rate is _______ %.
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Completion
Complete each
statement.
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9.
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What does the acronym IRS stand for?
_________________
_________________ __________________
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10.
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Complete the following formula:
Gross Income - Exemptions - Deductions -
Credits = ___________ _____________
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