BEA-Personal Finance Review

This is a form that an employer must send to an employee and the IRS at the end of the year which reports the employee's wages.

• W-1

• W-2

• W-3

• W-4

Why is April 15th important with regards to taxes in the United States?

• This is the start of the tax year.

• This is the end of the tax year.

• This is the filing deadline for federal income tax returns.

• This is the anniversary of the birth of the IRS.

7. What form is used by your employer to allow them to withhold taxes from your paycheck?

• I-9
• W-2
• W-4

The total amount of money earned before payroll withholdings

• net pay
• gross pay
• payroll deductions
• none of these

The W-4 form lets...

• the government know how much you paid in taxes last year

• your employer know how much to withhold from your paycheck

• the 3 major credit bureaus know how many dependents you have

• you know how much you paid in taxes last year

The more allowances you claim on your W-4...

• The more money you will see in your paycheck

• The less money you will see in your paycheck

• The # of allowances has no impact on your paycheck

• You don't claim allowances on a W-4

The more allowances you claim on your W-4...

• The more money is withheld from your paycheck

• The less money is withheld from your paycheck

• The # of allowances doesn't impact how much $ is withheld

• You claim allowances on a W-2, not the W-4

________ expresses your interest in a specific job

• Resume
• References
• Cover Letter
• Career Portfolio

Resumes are usually looked at slowly so the employer can take his or her time to review.  True or False

• True
• False

The goal of a resume is to

• Attract potential employers

• Get the employer to call you for an interview

• Negotiate your employment

• Enroll you in a professional network