Filing Taxes Unit

 

Which of the following are the three largest categories of federal government spending?

• Infrastructure, Defense, and Science

• Education, Defense, and Food/Agriculture

• Veterans, Infrastructure, and Education

• Health, Military, and Interest on Debt

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.

When do you start paying taxes?

• When you turn 18

• When you make more than the minimum income requirement

• When you get a full-time job (part-time dose not count)

• When you are notified by the IRS that you are required to pay federal income taxes

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

• Making even mone mistake on your federal taxes can result in your being convicted of a crime

• The 1040 form determines whether you owe additional taxes or are entitled to receive a refund from the government.

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

• Mistakes on your 1040 from make you ineligible for employment during the next year

Which of the statements below is TRUE about filing your taxes, assuming only income comes from the salary you earn at Big Tech Company?

• You need to file your tax return by the end of the calendar year ( typically December 31st)

• If your employer takes out federal income taxes through payroll withholdings, you do not need to file a tax return

• You must file your tax return by April 15th of the following year or request an extension by that date.

• You do not need to pay any income taxes until April 15th, so you should ask your company to wait until after that date to withhold any money.

Which of the following describe what a "dependent" is for tax purposes?

• Someone under the age of 19 who you financially support

• Someone who is temporarily disabled

• Someone who financially supports you

• Someone who is a full-time student under the age of 30.

Upon completing your 1040, you realize that you owe the $427. Each of the following is a possible way to pay the taxes you owe EXCEPT...

• Write a check and mail it to the IRS.

• Tell the IRS to take out more taxes next year to pay back the $427.

• Use your debit or credit card online or by phone.

• Set up an auto-transfer from your bank account if you e-file.

Which of the following statements about the W-2 form is TRUE?

• A W-2 lists all the money you earned in cash over the last year

• The total wages you earned from ALL jobs you worked in the previous year appear on ONE W-@ form

• You need a separate W-2 form from each of your employers in order to file your taxes.

• The W-2 includes information about the interest you earned from your investments.

When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called a _____.

• withholding

• direct deposit

• deduction

• refund

What tax form am I? I am received in January. There is one of me for every employer that you worked for in the previous year. I have information on how much you earned and how much you paid in taxes for the previous calendar year.

• 1040

• I-9

• W-2

• W-4