Filing Taxes

 

Which of the following are the three largest categories of federal government spending?

• Infrastructure, Defense, and Science

• Education, Defense, and Food/Agriculture

• Veterans, Infrastructure, and Education

• Health, Military, and Interest on Debt

What does the term "withholding" mean in reference to your paycheck?

• It is the amount of your paycheck that you are NOT being taxed on.

• It is how much is being taken out of your paycheck in taxes.

• It is how much you are going to owe the government when you file your annual tax return.

• It is how much you earn and includes salary, bonus and commissions.

Which of the following describe what a "dependent" is for tax purposes?

• Someone under the age of 19 who you financially support

• Someone who is temporarily disabled

• Someone who financially supports you

• Someone who is a full-time student under the age of 30.

Which of the following statements about the W-2 form is TRUE?

• A W-2 lists all the money you earned in cash over the last year

• The total wages you earned from ALL jobs you worked in the previous year appear on ONE W-@ form

• You need a separate W-2 form from each of your employers in order to file your taxes.

• The W-2 includes information about the interest you earned from your investments.

When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called a _____.

• withholding

• direct deposit

• deduction

• refund

What tax form am I? I am received in January. There is one of me for every employer that you worked for in the previous year. I have information on how much you earned and how much you paid in taxes for the previous calendar year.

• 1040

• I-9

• W-2

• W-4

Who primarily uses our tax money? (hint: choose 2 correct answers)

• Your employer

• The state government

• The Federal government

• Local Businesses

How much Medicare tax is withheld in Jane Doe's W-2?

• 6,835.00

• 1,500.00

• 725.00

• 3,100.00

The W-4 form 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

By claiming "exempt" on the W-4 form...

• You are paying all income taxes upfront at the START of the year.

• ou are requesting an extension to file your taxes

• You will NOT have income taxes withheld from your paycheck.

• You are paying all income taxes at the END of the calendar year.