6.3-6.4 Taxes

Front

Which of the following are the three largest categories of federal government spending? Options: infrastructure, defense, science; education, defense, food/agriculture; health, military, interest on debt; military, education, science

Back

health, military, interest on debt

Front

What does the term "withholding" mean in reference to your paycheck?

Back

it is how much is being taken out of your paycheck in taxes

Front

When do you start paying taxes?

Back

when you make more than the minimum income requirement

Front

Why is it important to be extremely careful when completing your 1040 form?

Back

it determines whether you owe additional taxes or are entitled to receive a refund from the government

Front

Which of the statements below is TRUE about filing your taxes, assuming your only income comes from the salary you earn: you need to file your tax return by the end of the calendar year (typically December 31st), if your employer takes out federal income taxes through payroll withholdings, you do not need to file a tax return, you must file your tax return by April 15th of the following year or request an extension by that date, you do not need to pay any income taxes until April 15th, so you should ask your company to wait until after that date to withhold any money

Back

you must file your tax return by April 15th of the following year or request an extension by that date

Front

Which form will determine how much money is withheld from your paycheck for federal and state income taxes? Options: W-2, 1099, W-4, I-9

Back

W-4

Front

Which paycheck withholding puts money into a retirement investment fund that YOU will manage? Options: social security, medicare, 401(k) contribution, federal income taxes

Back

401(k) contribution

Front

When determining whether you need to file a federal tax return, each of these questions matter EXCEPT: what state do you live in?, how much income did you earn this year?, what type of income did you earn this year?, are you claimed as a dependent on anyone else's tax return?

Back

what state do you live in?

Front

When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called a

Back

refund

Front

Elaine is an employee. Which of the following steps is she responsible for? Complete a W-4, request a W-2 annually, send withholding amounts to the federal government, determine how much tax to withhold based on w-4 information

Back

Complete a W-4