2.22 Financial

Who is Ray?

• A senior at State University

• A tax professional

• An employee at Corporate Co.

• A high school student

Why does Ray need to file a tax return?

• Because he is a senior at university

• Because he watched two videos on taxes

• Because he meets the income threshold

• Because he wants to

What form determines the percentage of paycheck withheld for taxes?

• IRS form

• Tax return form

• W4

• W2

What might Ray find out after filing a tax return?

• He owes exactly the amount withheld

• He overpaid and is due a refund

• He has to start his own business

• He needs to pay his taxes in full immediately

What is Ray's likely reaction to the convenience of tax withholding?

• Indifferent

• Confused

• Thrilled

• Annoyed

What does Ray need to gather to use tax-filing software?

• His W2 form

• His student ID

• A list of his personal allowances

• A certified public accountant

Who might Ray want to hire for handling his taxes?

• A Corporate Co. employee

• A university professor

• A software developer

• A certified public accountant (CPA)

What is a potential downside of hiring a licensed tax professional?

• It is generally more expensive

• It is more time-consuming

• It requires a higher level of tax knowledge from Ray

• It is less accurate

What is the income threshold for free tax-filing software according to the IRS?

• $50,000

• $62,000

• $75,000

• $100,000