Principles of Financial Planning

Question 1

Taxes collected for Social Security and Medicare make up of federal revenue.

Revolt · Accepted Answer

40%

Question 2

Forty-two percent of federal revenue comes from .

Revolt · Accepted Answer

individual income taxes

Question 3

Income taxes paid by businesses and corporations make up about of federal revenue.

Revolt · Accepted Answer

9%

Question 4

People fill out a W-4 form when they first start a new job.What does this form help to determine?

Revolt · Accepted Answer

the amount of money that should be withheld in federal taxes

Question 5

If a citizen pays too much in taxes throughout the year, then after filing a tax return, he or she will receive a .

Revolt · Accepted Answer

refund

Question 6

Employers supply a each January to help citizens file their tax returns.

Revolt · Accepted Answer

W-2

Question 7

Taxes returns can by filed either by mail or .

Revolt · Accepted Answer

online

Question 8

To ensure that accurate tax information is filed, it is important to maintain .

Revolt · Accepted Answer

good records

Question 9

Those who simply make a mistake will generally receive .

Revolt · Accepted Answer

a fine only

Question 10

If investigators find that you intentionally defrauded the government, you will receive .

Revolt · Accepted Answer

a fine and jail time

Principles of Financial Planning Answers