Taxes Answers

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Forty-two percent of federal revenue comes from .

A
payroll taxes
B
corporate income taxes
C
individual income taxes
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Forty-two percent of federal revenue comes from .

Answers:
Forty-two percent of federal revenue comes from .:individual income taxes
Income taxes paid by businesses and corporations make up about of federal revenue.:9%
Taxes collected for Social Security and Medicare make up of federal revenue.:40%
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Failure to pay taxes on time may result in .

A
imprisonment
B
job loss
C
penalty fees
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The W-4 form is completed by an individual when he or she first starts a new job.What does this form help to determine?

A
The amount of money that an individual should receive in income.
B
The amount of money that should be returned for paying too much in taxes.
C
The amount of money that should be withheld in federal taxes.
D
The amount of many that should be withheld in state taxes.
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The W-4 form is completed by an individual when he or she first starts a new job.What does this form help to determine?

A
The amount of money that an individual should receive in income.
B
The amount of money that should be returned for paying too much in taxes.
C
The amount of money that should be withheld in federal taxes.
D
The amount of many that should be withheld in state taxes.
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Use what you have learned about filing income taxes to complete these sentences.

Answers:
Citizens file income taxes to ensure that they will receive a if they paid too much in taxes throughout the year.:refund
Employers supply a to help citizens file their tax returns.:W-2
Taxes returns can by filed either by mail or .:online
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This is a receipt for a purchase made at a restaurant in Sacramento, California.

Answers:
The total cost of the food and drinks before taxes was .:$10.00
The buyer paid in sales tax.:$0.85
Based on the receipt, Sacramento has a sales tax rate of .:8.5%
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Use the drop-down menu to complete the statements.

Answers:
Failure to pay taxes on time may result in .:penalty fees
Tax payments may be collected through and interest will accumulate on the unpaid balance until the taxes are paid in full.:wage garnishment
Tax evasion or fraud may result in .:imprisonment

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