Taxes

Front

Which of the following are two mandatory categories of government spending that are paid for by FICA taxes?
- Military and Education
- Health and Veterans’ Benefits
- Housing and Transportation
- Social Security and Medicare

Back

Social Security and Medicare

Front

On a pay stub, the amount of money that is left after withholdings is known as…

Back

Net pay

Front

Which statement best describes discretionary government spending?

Back

A changing amount of money spent on different categories each year.

Front

What form must you complete before receiving your first paycheck after accepting a new job? Options: W-2, 1040, 1099, W-4

Back

W-4

Front

You were unable to file your taxes before the April deadline and your application for an extension was approved. What month was your deadline extended to?

Back

October

Front

Which of the following statements most accurately describes why it’s important to correctly fill out a W-4 form? It determines how much money is withheld from your paycheck and can result in under or overpayment of taxes if filled out incorrectly.

Back

It determines how much money is withheld from your paycheck and can result in under or overpayment of taxes if filled out incorrectly.

Front

All of the following people can be claimed as a dependent for tax purposes EXCEPT… A 23 year old college student whose parents pay all of their expenses, A 17 year old high school student with a part-time job whose parents pay for all of their expenses, A 20 year old college student with a paid internship who pays for all of their own expenses, A 25 year old cousin with no job who has lived in your parent/guardian’s house for the last year

Back

A 20 year old college student with a paid internship who pays for all of their own expenses

Front

You are required to file a tax return in all of the following scenarios EXCEPT… You made $25,000 working a full-time job, You made $3,000 from investments in the stock market, You were self-employed and made $2,500, You made $9,000 working a part-time job

Back

You made $9,000 working a part-time job

Front

You are required to file a tax return in all of the following scenarios EXCEPT…
You made $25,000 working a full-time job
You made $3,000 from investments in the stock market
You were self-employed and made $2,500
You made $9,000 working a part-time job

Back

You made $9,000 working a part-time job

Front

What is the purpose of the self-employment tax (SECA)?

Back

To tax self-employed individuals an equivalent amount for Social Security and Medicare since FICA taxes aren’t taken out of their paycheck.