Quiz Taxes

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

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

• True

• False

Tags

CCSS.7.NS.A.1D

What do you need to file your 1040 form? (hint: choose 2 correct answers)

• Your W-2

• Your W-4

• Your prior year's tax return

• Social Security Number

Which of the following is NOT a way you can file your taxes?

• Through a tax professional

• Mailing in a paper tax return to the Federal government

• Using tax software like TurboTax

• Through your employer's HR department

Tags

CCSS.7.NS.A.3

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

Which is TRUE if you do not pay your taxes?

• You owe twice as much the following year

• You're more likely to be approved for low interest loans

• You cannot go to jail (but you will be heavily fined)

• Your credit score may be impacted

Tags

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.5

CCSS.RI.6.5

CCSS.RI.7.5

Rolando earns $395. His net pay is $356. This is an example of what type of tax.

• Income/Payroll Tax

• Sales Tax

• Property Tax

Tags

CCSS.7.RP.A.3

The price of the shirt is $45. The total cost of the shirt is $47.95.

• Income/Payroll Tax

• Sales Tax

• Property Tax

Tags

CCSS.6.RP.A.3D

Chase pays a yearly tax of $212 on his car.

• Income/Payroll Tax

• Sales Tax

• Property Tax

Tags

CCSS.6.RP.A.3B

The value of a house is $250,000. the yearly tax on the house is $7,500.

• Income/Payroll Tax

• Sales Tax

• Property Tax

Tags

CCSS.6.RP.A.3D