The W-4 tax form is used to ___________.

B. determine how much your gross pay should be.

D. avoid paying income taxes on your paychecks.

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

D. to determine how much federal income tax your employer should withhold from your paychecks.

A. determine how much your gross pay should be.

C. avoid paying income taxes on your paychecks.

What does the W-2 form tell you?

A. How much you've earned and how much taxes you've paid in the last year.

B. When to file your tax return.

C. How much federal income tax your employer will withhold from your paycheck.

D. How often your employer will be paying you.

The W-2 form is a form that tells you _______.

D. how much taxes you've paid in the last year based on how much you've earned.

B. how much taxes you owe to the federal government.

C. how much taxes to withhold from your paycheck.

Which of the following statements is true about taxes?

A. Taxes pay for schools first responders and roads.

B. Taxes pay toll road fees and office buildings.

C. Taxes are only collected by the federal government.

D. Taxes are only collected by state governments.

What do taxes pay for?

A. Schools, government departments, roads, and emergency services

C. Operation of financial institutions

How does the government pay for roads, schools, and emergency services?

B. They are funded through taxes.

A. They are funded through non-profits.

C. They are funded through charitable donations.

Why might preparing taxes be different for people living in different states?

B. Everyone must file federal taxes, but each state has different tax laws.

A. Everyone must file state taxes but depending on where you live, you may not need to file federal taxes.

C. It's not different. All states have the same tax laws.

D. State taxes are due January 1st but federal taxes are due April 15th.

Each year, you must file ____________________.

C. your federal taxes and state taxes if your state requires it

A. only your federal taxes since state taxes get filed every other year

B. only your state taxes since federal taxes are filed every four years

D. your federal, state, county and town taxes

To file your federal and state taxes you ____________

D. must prepare different forms for each type of government (if your state requires it)

A. must prepare the same tax forms for both

B. can use tax preparation software for federal taxes, but can't for state taxes

C. can use tax preparation software for state taxes, but can't for federal taxes

Tax preparation software can help prepare and file your taxes by _________.

B. posing questions to collect necessary information

A. making an appointment with a tax expert for you

C. calculating your taxes based on your savings account balance

D. providing you with blank tax forms you can fill out

Why is it necessary to have a W-2 or 1099 form when using tax preparation software?

C. These forms report income which needs to be used to file taxes.

A. They highlight job performance which can reduce your tax rate.

B. They include passwords for tax preparation software.

D. They show how much you have donated to charities.

Why is it useful to have your bank account and routing numbers when using tax preparation software?

A. To indicate where tax refunds should be sent.

B. To show how much interest you have earned over the year.

C. To use as additional forms of identification.

D. To show much money you have paid in taxes.

If you have to decide to claim a credit or deduction on your taxes which should you take?

B. Claim all deductions and credits that you are eligible for since they both can reduce your taxes.

A. Claim only deductions since credits are charged to you can can result in big bills later.

C. Only claim credits since deductions reduce the amount of money in your tax refund.

D. Claim both since they document how much in taxes you have paid.

When preparing your taxes, what can possibly help reduce the amount of taxes that you owe?

B. Sharing what you earned on a W-2 or 1099 form

Your salary is one thing to consider when reviewing a job offer but benefits are also important. Which of the following would NOT be a part of your benefits package?

B. matching contributions to a retirement account

Employment and Income Taxes

Authored by Sharon Perrett Rogers

Mathematics

12th Grade

CCSS covered

Used 61+ times

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27 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is net pay?

A. The amount of pay earned for the total number of hours worked.

B. The amount of money you're paid after all taxes and deductions are taken out of your paycheck.

C. The amount of money you're paid before all taxes and deductions are taken out of your paycheck.

D. Your gross pay plus any bonuses.

What is the difference between gross and net pay?

A. Gross pay is after taxes are subtracted but net pay is before taxes are taken out.

B. Gross pay is before taxes are subtracted but net pay is after taxes are taken out.

C. Gross and net pay are basically the same things.

D. Net pay is a salary and gross pay is from hourly wages.

The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called ________.

A. gross pay

B. net pay

C. total pay

D. year-to-date pay

Which of the following is NOT a possible tax or deduction that could be withdrawn from your paycheck?

A. Restaurant tax

B. Federal income tax

C. FICA

D. Contributions to retirement savings

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a possible tax or deduction that could be withdrawn from your paycheck?

A. State income tax

B. Contributions to retirement savings

C. FICA

D. Sales tax

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a possible tax or deduction that could be withdrawn from your paycheck?

A. FICA

B. Overtime pay

C. Federal income tax

D. Contributions to retirement savings

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of the W-4 form?

A. To file your tax return.

B. To determine how much your gross pay should be.

C. To inform your employer of how much federal income tax to withhold from your paychecks.

D. To avoid paying income taxes on your paychecks.

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Employment and Income Taxes

What is net pay?

What is the difference between gross and net pay?

The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called ________.

Which of the following is NOT a possible tax or deduction that could be withdrawn from your paycheck?

Which of the following is NOT a possible tax or deduction that could be withdrawn from your paycheck?

Which of the following is NOT a possible tax or deduction that could be withdrawn from your paycheck?

What is the purpose of the W-4 form?

The W-4 tax form is used to ___________.

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

Your employer sends you a _______ form that tells you how much you've made andhow much you've paid in taxes in the last year.

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Mathematics

Your employer sends you a _______ form that tells you how much you've made and
how much you've paid in taxes in the last year.