Taxes Review

______ income is before deductions.

• Gross

• Net

• Taxable

• Main

Gross Income - Deductions = ________

• Net Income

• Gross Income

• Taxable Income

• None of the above

When do you start paying taxes?

• When you turn 18

• When you turn 21

• When you graduate high school

• When you get your first job

What do allowances do to your taxable income?

• Decreases it

• Increases it

• Does nothing

• None of the answers

_____ form is where deductions and dependents are figured out.

• W2

• W4

• 1098

• 1040

______ form shows your income, taxes paid, and retirement contributions from the previous year.

• W4

• W2

• 1040

• 1098

What is a dependent?

• Someone you are dependent on to survive

• Someone who is not dependent on your income

• Someone who is dependent on your income

• None of the answers

It is best to lower your ______ income as much as possible.

• Net

• Gross

• Taxable

• All

The last day an employer has to send out W2s.

• January 31st

• March 15th

• April 1st

• December 31st

FICA taxes are also known as ______

• Property Taxes

• Sales Taxes

• Income Taxes

• Payroll Taxes