Unit 1-3 Test

The W-4 form, completed by you at the start of your job, 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

Jess is 21, in college, and has a job that provides 65% of her support. Is she a dependent?

• Yes

• No

Which item would you DEFINITELY see on a paystub?

• Retirement

• Healthcare

• Gross Pay

• Your occupation/role

Which of the following is FALSE about the W-2 form?

• You get 1 W-2 form every year, even if you had multiple jobs

• It lets you know how much you earned last year

• It lets you know how much was withheld from your paychecks

• The W-2 is sent out in April of every year

Jason is 15 and earned $1450 at his job last summer. Should he file a tax return?

• No, because he didn't earn enough

• No, because you have to be 16 and older to file taxes

• Yes, because he may get a refund

• Yes, you must file taxes even if you didn't earn enough

What do you need to file your 1040 form?

• Your W2

• Your W-4

• Your prior year's tax return

Which is TRUE about earned income and unearned income?

• Earned is how much you make from a job

• Earned is any money you make in interest, dividends, etc.

• Unearned is any money you make in interest, dividends, etc.

• Unearned is how much you make from a job

After filing your taxes, you may owe money if

• The amount you paid to the government each pay period is less than the amount you owe.

• The amount you paid to the government each pay period is more than the amount you owe.

Which of the following does not impact the amount of money you pay in taxes?

• Income

• State

• Marital status

• Political Party

Which of the following is the largest source of income from the federal government?

• Payroll Tax

• Income Tax

• Property Tax

• Corporate Tax