Taxes Unit Review

The form that determines the amount your employer withholds from your paycheck for taxes is the

• 1040

• 1099-INT

• W-2

• W-4

Which of the following is a voluntary deduction from a paycheck?

• health insurance

• medicare

• state tax

• social security

The standard deduction helps people by

• giving them an extension on their taxes

• lowering their taxable income

• paying for their taxes to be done by a professional

• telling their employer how much to withhold

When are taxes due?

• January

• February

• March

• April

Deductions that are involuntary are ___?

• choices

• optional

• regular

• taxes

Overtime pay takes effect when a worker works

• more than 5 days in the same week

• over forty hours in a week

• two different jobs

• two or more consecutive shifts

Which of the following forms is filled out by your employer?

• 1040

• 1099-INT

• W-2

• W-4

If a person earns $13 an hour, then his/her overtime pay is

• $15

• $19.50

• $21

• $26

"Net income," or "take-home pay" means

• hours worked times pay per hour

• involuntary plus voluntary

• tax owed divided by salary

• wages earned minus all deductions

If you're in the 22% tax bracket, then ___ is actually taxed at 22%.

• all of your income

• none of your income

• the highest portion of your income

• your take-home income