NGPF: Taxes Lessons 1 - 3 Flashcard

Front

Mandatory government spending includes which of the following? Infrastructure and science, Social Security and Medicare, Healthcare and military, Education and agriculture

Back

Social Security and Medicare

Front

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

Back

How much is being taken out of your paycheck for things like taxes, employer sponsored health insurance, and retirement.

Front

When do you start paying income taxes?

Back

When you make more than the minimum income requirement

Front

If your only income is salary paid by your employer, which of these statements about filing your taxes is true? 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 the deadline (typically 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 the deadline (typically 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 taxes?

Back

W-4

Front

Which of the following paycheck withholdings puts money into a retirement investment fund that you will manage?
Social Security,
Medicare,
401(k) contribution,
Federal income taxes

Back

401(k) contribution

Front

Which of the statements about this W-4 is TRUE?
Mr. Khan is filing as married filing jointly,
Mr. Khan is requesting for an additional $50 to be withheld from his paycheck,
Mr. Khan submitted this W-4 two days after he started working at Little Company,
Mr. Khan's paycheck will have less money withheld from his paycheck since he is claiming a dependent

Back

Mr. Khan's paycheck will have less money withheld from his paycheck since he is claiming a dependent

Front

Elaine just accepted a new job and is working with the company's HR department to fill out paperwork. Which of the following steps is she responsible for? Determine how much tax to withhold from her paychecks based on W-4 information, Complete a W-4 form, Send withholding amounts to the federal government, Complete a W-2 form

Back

Complete a W-4 form

Front

What is the name of the tax form that requires you to provide identification and proves you are eligible to work in the U.S.?

Back

I-9

Front

What was the net (or take-home) pay for this employee for this pay period?

Back

$335.10