Taxes Test Review

A person financially supported by another

• Preparer

• CFO

• Auditor

• Dependent

Which best describes the difference between a W-2 and W-4?

• A W-2 is completed by an employee to determine tax withholding; a W-4 is a summary of annual earnings and taxes withheld by the employer

• The W-2 is received when an employee begins a job; a W-4 is received by January 31st

• A W-4 is completed by an employee to determine tax withholding; a W-2 is a summary of annual earnings and taxes withheld by the employer which is used to file taxes.

Dependent or Not a dependent? Anna is a teacher who makes $47,000 annually.

• Dependent

• Not a Dependent

Dependent or Not a dependent? Zander is 18-years old. He works part-time at Kroger making $7,000 a year; however, his parents pay for majority of his living expenses.

• Dependent

• Not a Dependent

The current minimum requirement a single person makes which requires them to file taxes is __________.

• $12,850

• $13,850

• $14,850

• $15,850

When filing taxes, a person has the option to claim the standard deduction or _________ deductions to decrease the amount of income that is taxed.

• deduct

• refund

• itemize

What action can you take to manage future withholdings from your pay and possibly increase your tax refund?

• Complete a new W-2 and submit it to your employer

• Complete a new W-4 and send it to the IRS

• Complete a new W-4 and send it to your employer

• There is nothing you can do about it

To deduct or take out, especially for taxes

• Refund

• Borrow

• Withhold

• Reduce

Which of the following is not a filing status?

• Head of Household

• Married Filing Divorced

• Married filing separately

• Single

Which of the following is false about ALL dependents?

• Must be a U.S. citizen, U.S. national, resident alien, or resident of Canada or Mexico

• Must be a citizen of the United States

• Must have a social security number (ssn), individual taxpayer identification number (itin), or adoption taxpayer identification number (atin)

• Must not file "married filing jointly" unless it is only to claim a refund or taxes paid