Income Taxes and Forms Quiz

What is the purpose of the W-4 form?

• To file your income tax return

• To calculate your taxable income

• To withhold federal income tax from your paycheck

• To report your earnings to the IRS

When do you need to complete a W-4 form?

• At the beginning of every job

• When you reach a certain income threshold

• When you receive your first paycheck

• When you file your income tax return

What does box 2 on the W-2 form represent?

• Total amount of state income tax withheld

• Total amount of Medicare taxes withheld

• Total amount of Social Security taxes withheld

• Total amount of federal income tax already withheld

What is the purpose of box 3 on the W-2 form?

• To show your taxable income

• To show your earnings subject to Social Security tax

• To show your earnings subject to Medicare tax

• To show your earnings subject to state tax

What should you do if you're getting a large tax refund?

• Adjust your withholdings on the W-4 form

• Keep the refund and spend it

• Donate the refund to charity

• Ignore it and wait for the next tax season

What is the purpose of the W-2 form?

• To file your income tax return

• To calculate your taxable income

• To withhold federal income tax from your paycheck

• To report your earnings to the IRS

What does box 5 on the W-2 form represent?

• Total amount of Social Security taxes withheld

• Total amount of Medicare taxes withheld

• Total amount of federal income tax already withheld

• Total amount of state income tax withheld

What is the purpose of box 6 on the W-2 form?

• To show your earnings subject to Medicare tax

• To show your earnings subject to Social Security tax

• To show your taxable income

• To show your earnings subject to state tax

What should you do if you owe too much in taxes?

• Pay the full amount immediately

• Ignore it and wait for the next tax season

• Adjust your withholdings on the W-4 form

• File for bankruptcy

What is the purpose of state income tax?

• To fund federal government programs

• To fund state government programs

• To fund Social Security and Medicare

• To fund retirement accounts