Intro to Taxes-11-19-20

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

By claiming "exempt" on the W-4 form...

• You are paying all income taxes upfront at the START of the year.

• You are requesting an extension to file your taxes

• You will NOT have income taxes withheld from your paycheck.

• You are paying all income taxes at the END of the calendar year.

Jason filed his tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?

• April 15th

• October 15th

• December 31st

• January 1st of the next year

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

• True

• False

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

• charges
• taxes
• fees
• paycheck deductions

Tags

CCSS.7.RP.A.3

Roads, police, schools, governmental agencies, fire and emergency services are all funded by taxes

• true
• false

Tags

CCSS.6.RP.A.3B

The form that determines the amount of money withheld for taxes is called a: 

• w4
• i9
• w2
• 1040ez

Tags

CCSS.6.EE.A.1

With this payment method, employers put the employee’s paycheck into the authorized employee’s bank account 

• paycheck
• payroll card
• direct deposit
•  all are the same

Tags

CCSS.6.NS.B.3

Which is the least secure payment method because the employee is responsible for handling it?

• payroll card
• paycheck
• direct deposit
• they are all risky

Total amount paid to an employee each pay period, including regular pay, overtime pay, and other taxable earnings (such as reimbursements)

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