Personal Finance Final

Front

Which of the following are the three largest categories of federal government spending? Options: Infrastructure, Defense, and Science, Health, Military, and Interest on Debt, Veterans, Infrastructure, and Education, Education, Defense, and Food/Agriculture

Back

Health, Military, and 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

Which form determines how much money is withheld from your paycheck for federal and state income taxes? Options: W-2, W-4, I-9, 1040

Back

W-4

Front

When determining whether you NEED to file a federal tax return, each of these questions matters EXCEPT… How much income did you earn this year?, What type of income did you earn this year?, What state do you live in?, Are you claimed as a dependent on anyone else's tax return?

Back

What state do you live in?

Front

Which of the following statements about this W-2 is true? Avia Consulting will use this W-2 to file their 1040 form, Lily paid state income taxes of $1,189.90, Lily earned about $117,000 over the year based on the total of her Wages, Social Security wages, and Medicare wages, Lily works in the same city that Avia Consulting is based in

Back

Lily paid state income taxes of $1,189.90

Front

What was the net (or take-home) pay for this employee for this pay period? Options: $250.35, $1,102.98, $1,353.33, $1,502.10

Back

$1,102.98

Front

How much did this person pay towards Medicare in this pay period only? Options: $19.62, $40.82, $117.72, $244.92

Back

$19.62

Front

How frequently is this employee paid? Daily, Weekly, Every other week, Monthly

Back

Monthly

Front

Which of the following statements about the W-2 form is TRUE? A W-2 lists all the money you earned in cash over the last year, The total wages you earned from ALL jobs you worked in the previous year appear on ONE W-2 form, You need a separate W-2 form from EACH of your employers in order to file your taxes, The W-2 includes information about the interest you earned from your investments

Back

You need a separate W-2 form from EACH of your employers in order to file your taxes

Front

What will happen if Marquis doesn't file taxes in April?

Back

Nothing will happen, but Marquis will miss out on his potential refund.