Taxes Review

What is the name of the tax form that requires you to provide identification and proves you are eligible to work in the U.S.?

• I-9

• W-4

• 1099

• 1040

When determining whether you NEED to file a federal tax return, each of these questions matters EXCEPT…

• How much income did you earn this year? 

• What type of income did you earn this year? 

• What state do you live in? 

• Are you claimed as a dependent on anyone else's tax return? 

Which of the following paycheck withholdings puts money into a retirement investment fund that you will manage?

• Social Security

• Medicare

• 401(k) contribution

• Federal income taxes

You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for taxes?

• W-2

• W-4

• 1-9

• 1099

If your only income is salary paid by your employer, which of these statements about filing your taxes is true?

• 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 the deadline (typically 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 tax form should you complete for any work done as an independent contractor?

• 1040

• 1099

• W-2

• W-4

Which form needs to be completed by April 15th (most years)?

• 1099

• 1040

• W-4

• W-2

When do you start paying income taxes? 

• When you turn 18

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

• When you make more than the minimum income requirement

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

You will be required to file a tax return for this year (2024) if your earned income is greater than what amount?

• $500

• $14,600

• $12,950

• $1400

Mandatory government spending includes which of the following?

• Infrastructure and science

• Social Security and Medicare

• Healthcare and military

• Agriculture and education