Taxes

Who primarily uses our tax money? (hint: choose 2 correct answers)

• Your employer

• The state government

• The Federal government

• Local Businesses

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

True or False: All wages, tips, and bonuses are taxable unless specifically excluded.

• True

• False

Which of the following is FALSE about the W-2 form? (hint: choose 2 correct answers)

• The W-2 is sent out in April of every year

• It lets you know how much you earned last year

• It lets you know how much was withheld from your paychecks

• You get 1 W-2 form every year, even if you had multiple jobs

Which of the following is NOT a way you can file your taxes?

• Through a tax professional

• Mailing in a paper tax return to the Federal government

• Using tax software like TurboTax

• Through your employer's HR department

If a teen files a tax return, can the parent still claim him/her as a dependent?

• Yes. All teens are dependents until they are 18 years old

• No. If a teen files a tax return, he/she cannot be claimed

• Yes, as long as the teen meets the dependency requirements

• Yes, but the parent has to add the teen's income to theirs

Required charges of citizens by local, state, and federal governments are called:

• charges
• taxes
• fees
• paycheck deductions

FICA taxes are

• U.S. federal payroll taxes imposed on both employees and employers to fund Social Security and Medicare
• U.S. federal payroll taxes imposed on employees only to fund Social Security and Medicare.
• U.S. federal payroll taxes imposed on both employees and employers to fund Social Security.
• U.S. federal payroll taxes imposed on employers only to fund Social Security and Medicare

Tags

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