EPF Unit 6

Front

How does the government pay for roads, schools, and emergency services?

Back

They are funded through taxes.

Front

Why is it necessary to have a W-2 or 1099 form when preparing your tax return?

Back

They report income which needs to be used to file taxes.

Front

Why might preparing taxes be different for people living in different states?

Back

Everyone must file federal taxes, but each state has different tax laws.

Front

What do taxes pay for? Options: Operation of financial institutions, Government operations, Entrepreneurial ventures, Privately-owned businesses

Back

Government operations

Front

The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called ________.

Back

Net income.

Front

The W-4 tax form is used to ___________.

Back

Indicate how much federal income tax to withhold

Front

Why is it useful to have your bank account and routing numbers when using tax preparation software?

Back

To indicate where tax refunds should be sent.

Front

Which of the following statements is true about taxes? EPF.IE.2.2 Options: Taxes pay for schools, first responders, and roads., Taxes are only collected by the federal government., Taxes pay toll road fees and office buildings, Taxes are only collected by state governments.

Back

Taxes pay for schools, first responders, and roads.

Front

Each year, you must file ____________________.

Back

Your federal taxes and state taxes if your state requires it.

Front

When you start a new job, you fill out a W-4 form to _________.

Back

Indicate how much federal income tax should withheld.