Chp 3 Income and Taxes

Front

According to the paystub, how much has John paid in Federal Income tax so far THIS YEAR?

Back

$96

Front

What is the formula for calculating net pay, or take-home pay?

Back

Net Pay = Gross Pay - Payroll Deductions

Front

If you get paid $500 every week, and have $100 in payroll deductions per paycheck. What is your take-home pay?

Back

$400

Front

Jeremy just started a new job and completed his W-4 form. Who should he submit it to?

Back

His employer

Front

Why should you accurately complete a W-4 form any time you start a new job or change your tax status?

Back

Your W-4 determines how much Federal income tax money your employer should withhold.

Front

All of the following information should appear on your W-2 form EXCEPT...
Your name, address, and employer information
Your wages, tips, and compensation from that particular employer
The amount you paid during the last year for Medicare and Social Security

Back

Your interest earned on savings and investments

Front

To file your tax return, you need all of the following EXCEPT: W-2 Forms from all employers, W-4 Forms from all employers, 1040 Form, Social Security Number or Tax ID Number

Back

W-4 Forms from all employers

Front

The _____ deduction is a fixed amount that may be deducted from adjusted gross income, which is set by law and will vary according to filing status.

Back

standard

Front

When you sit down to file your 1040 form, which document(s) should you have in front of you? Options: W-2 form(s), W-4 form(s), I-9 form(s), Checking account statements from last year

Back

W-2 form(s)

Front

At the federal level, what three things determine how much you will pay in income tax?

Back

Based on income, filing status and number of allowances claimed