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Personal Finance Taxes

Business

11th - 12th Grade

Used 21+ times

Personal Finance Taxes
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9 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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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

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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What item would you DEFINITELY see on a paystub?

Retirement

Healthcare

Gross Pay

Your occupation/role

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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

True

False

4.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

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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

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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Jason is 15 and earned $1450 at his job last summer. Should he file a tax return?

No, because he didn't earn enough.

No, because you have to be 16 and older to file taxes.

Yes, because he may get a refund.

Yes. You must file taxes even if you didn't earn enough.

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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True or False: A teen's earned income can be reported on a parent's tax return.

True

False

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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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

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