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Level 2 Mastery Quiz

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About this activity

Demonstrate your understanding of all the lessons covered in this lesson by successfully completing the Level 2 Mastery Quiz

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Level 2 Mastery Quiz
 

Level 2 Mastery QuizOnline version

Demonstrate your understanding of all the lessons covered in this lesson by successfully completing the Level 2 Mastery Quiz

by WM
1

Which of the following is earned income?

2

Which type of income usually does not have taxes automatically taken out?

3

A waiter earning tips should remember that tips are:

4

Taylor earns $500 from freelance videography. What should Taylor do?

5

What is the purpose of taxes?

6

What does FICA pay for?

7

True or false: If you move into a higher tax bracket, all your income is taxed at that rate.

8

How do tax brackets work?

9

Why might two people with the same job have different net pay?

10

What is net pay?

11

What is gross pay?

12

Which deduction is required for most workers?

13

Which income is usually not taxed for the person receiving it?

14

Which tax usually applies to unearned income like dividends or royalties?

15

Which income type is considered earned income?

Choose one or more answers

16

Which income type might a real estate agent receive?

17

What is the purpose of a W-4?

18

Which form summarizes your income and taxes for the year?

19

Alex is an employee at Amazon who also babysits on the side. She uses that money to invest in stocks that pay dividends. Which tax forms apply to her situation?

20

John owns a publishing company and has also written numerous books that pay him royalties. Which tax forms apply to his situation?

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