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Tax Reiew

Authored by Lynn Lambert

Life Skills

9th - 12th Grade

Used 1+ times

Tax Reiew
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16 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

The amount of money you receive in tax refunds
The amount of money your employer pays you before taxes are taken out
The amount of money your employer pays you after taxes are taken out
The amount of money you owe the government in taxes

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When do you start paying taxes?

When you file your first tax return
When you earn more than the standard deduction amount
When you start your first job
When you turn 18 years old

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it important to be extremely careful when completing your 1040 form?

To avoid overpaying your taxes
To avoid being audited by the IRS
To avoid underpaying your taxes
To avoid penalties for mistakes or omissions

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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 federal and state income taxes?

W-2
1099
1040
W-4

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Federal income tax
Social Security
Medicare
401(k)

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

How much money you earned during the year
Your favorite color
Your age
Your filing status

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Juanita has a part-time job that pays $12/hour and works about 50 hours every month. Her withholdings are Social Security (6.2%), Medicare (1.45%) and federal income tax (10%). What is her approximate net pay?

$660
$540
$630
$720

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