Final Assessment - Taxes and the W-4 Form

Which of these taxes is not included as withholding tax?

• Federal and state taxes (if your state has taxes)

• Social security taxes

• Real estate taxes

• Medicare taxes

Workers who pay FICA taxes...

• typically don't have to pay any federal or states taxes.

• typically qualify to receive payments and benefits in the future.

• typically receive a larger tax refund in the Spring.

• do make more money than other workers.

What does IRS Stand for and what do they do?

• Internal Revenue Service - the federal government's tax collection department.

• Internal Revenue State - assist with student loans.

• Internationally Responsible Students - promote social fairness and spirit.

• Institute of Reliability Standards - monitor of meat checking and processing.

The W-4 form is used by employers to determine:

• the amount of money an employee should be earning.

• the amount of money an employee should be saving from each paycheck.

• future retirement money to be saved.

• the amount of money to be withheld from an employee to pay taxes.

Which of these is the money an employer withholds from an employee's paycheck?

• personal allowances

• exemptions

• dependents

• withholding