Taxes

IRS stands for

• Internal Revenge Service

• International Revenue System

• Internal Revenue Service

• Inspection Ravioli Sauce

Money being taxed comes from

• Net Pay

• Gross Pay

• Take Home Pay

• Pay Day...the candybar

The official date for when taxes are due

• January 15

• February 15

• March 15

• April 15

When you receive a new job, you are mandated to file a

• Complaint

• Divorce

• W-4

• W-2

When you are ready to file for taxes you must have form

• W-2

• W-6

• WD40

• W-2484

A fixed amount all people are allowed to deduct from their adjusted gross income to reduce their tax liability

• Standard Deduction

• Itemized Deduction

What does the term "withholding" mean in reference to your paycheck?

• it is the amount of your paycheck that you are NOT being taxed on

• it is how much is being taken out of your paycheck in taxes

• it is how much you are going to owe the government when you file your annual tax return

• it is how much you earn and includes salary, bonus and commissions

Why is it important to be extremely careful when completing your 1040 form?

• it determines whether you owe additional taxes or are entitled to receive a refund from the government

• making even one mistake on your federal taxes can result in your being convicted of a crime

• completing the 1040 form incorrectly will mean the wrong amount of taxes will be withheld form your paychecks going forward

• mistakes on your 1040 form make you ineligible for employment during the next year

You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for federal and state income taxes?

• W-2

• 1099

• W-4

• I-9

When determining whether you need to file a federal tax return, each of these questions matter EXCEPT

• what state do you live in?

• how much income did you earn this year?

• what type of income did you earn this year?

• are you claimed as a dependent on anyone else's tax return?