Tax Quiz

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

What item would you DEFINITELY see on a paystub?

• Retirement

• Healthcare

• Gross Pay

• Your occupation/role

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.

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

• True

• False

What government agency collects taxes?

• CIA

• FBI

• IRS

• CBS

The IRS stands for:

• Indie Rock

• Individual Reporting Agenda

• International Record Association

• Internal Revenue Agency

What is the key difference between Net Pay and Gross Pay?

• Net pay is the total amount of money you get BEFORE taxes are deducted.

• Gross pay is the total amount of money you get BEFORE retirement, healthcare, and dental care have been deducted.

• Net pay is the total amount of money you get AFTER taxes are deducted.

• Gross pay is the total amount of money you get AFTER taxes are deducted.

Which of the following does the Federal government spend a LARGE portion of taxpayer money on?

• Education

• Military

• Science

• Transportation

This form tells your employer how much taxes to take out:

• W2

• W4

• 1040EZ

• Jpams

Which of the following is the pay you receive after taxes and benefits are taken out of your paycheck?

• gross pay

• allowance

• deduction

• net pay