Banking, Credit cards, Taxes

What is the maximum age a parent can claim you as a dependent if you are a full time college student?

• 18

• 20

• 19

• 24

Can you file a tax form even if you are claimed as a dependent?

• Yes

• No

Your social security number is required on your 1040.

• True

• False

What does a W-2 tell you?

• How much your earned the previous year as well as how much was taken out in taxes

• it tells your employer how much to take out in taxes

• Determines whether you can legally work in the US

• Tells you your income from your self employment

What are the two tax forms you have to fill out when you start a job?

• W-2 and 1040

• W-4 and W-2

• W-4 and I-9

• 1099 and 1040

What calculate 35% of your credit score?

• amount owed

• credit history

• new accounts

• credit mix

What is the net worth equation?

• liabilities-assets

• gross pay-net pay

• net pay-gross pay

• assets-liabilities

What two things does FICA contribute to?

• medicare and state

• state and social security

• medicare and social security

• federal and state

What is net income?

• your income before taxes are taken out

• your income after taxes are taken out

• the amount of taxes taken out

• the deductions you pay

What is a W-4?

• the form you receive that tells you how much you made the previous year

• a document you fill out when you get a job, tells employer how much to take out in taxes

• determines if you are legally allowed to work in the US

• the form you use to file your taxes