Taxes Quiz Review

When you start a new job, you fill out a W-4 form to:

• determine your net pay

• determine your gross pay

• determine how much Federal Income Tax your employer should withhold from your paycheck

• determine how much Federal Income Tax should be withheld so you can avoid paying state income tax

Which of the following should be considered when you select a job offer?

• your health benefits

• vacation time/sick time paid

• your salary

• all of these

The gig economy offers

• an opportunity to work long-term for a company

• total availability of employment and labor in the economy

• migration of workers to high-tech jobs

• flexible, short-term, independent jobs

Net Pay is...

• amount you're paid after all taxes and deductions are taken out of your pay

• amount your'e paid before all taxes and deductions are taken out of your pay

• amount of pay worked for total hours plus overtime

• amount of gross pay plus bonuses

Which form tells you how much you earned and how much you paid in taxes for the year and is received by your employer before Jan 31st of each year?

• W-2

• W-4

• 1040

• 1040EZ

It is necessary to have your W-2 form in order to complete your taxes and submit them to the IRS.

• True

• False

• Depending on certain conditions

• Maybe!

How does our government pay for schools and roads?

• non-profit organization donations

• private organization donations

• charitable donations

• taxes

A person should aim to withhold what percent of their taxes for April 15?

• 75%

• 80%

• 85%

• 90%

Withholding too much in taxes will result in:

• owing money during tax season

• allowing the government to borrow your money interest-free

• a higher paycheck

• none of these

Gross Pay is...

• the amount of money you are paid after AFTER any taxes are taken out of paycheck

• the amount of money you are paid after BEFORE any taxes are taken out of paycheck

• amount of money in paycheck with bonuses and overtime

• none of these