Review Income Taxes

What day is "tax day"?

• April 5th

• April 15th

• May 4th

• May 14th

Each year individuals are required to file a ___ _______

(a)  

Federal withholding is an estimate of taxes due.

• true

• false

What form summarizes the employees earnings and the amounts withheld for the year?

• 1040

• W4

• W2

• Schedule A

What form calculates the persons earnings and the amounts withheld for the year to determine if money is owed to them or to the government?

• 1040

• W4

• W2

• Schedule A

The primary sources of income for young people between 18 and 30 who are not living on a pension (retirement) or social security are?

• Profits from businesses they own.
• Dividends and interest from investments
• Rents
• Wages, Salaries, and Tips

Which of the following is an example of unearned income?

• Money earned from waiting tables.
• The tax return you receive from the government after filing you 1040EZ.
• Money from a salary job such as a professional athlete.
• Money earned on interest from a savings account.

A W-4 is given to you by an employer...

• True
• False

The form employers must provide to employees by January 31 of each year that gives annual income and withholding information. (Income money received from wages and salaries, rent, interest, and profit) is?

• W4

• 1040

• W2

A tax form filled out by an employee to indicate the amount that should be withheld from his/her paycheck for taxes

• W4

• W2

• 1040

• Schedule A