taxes

20. If a taxpayer fills out their W-4 in a way that does not withhold enough money to cover their tax obligation, what is the most likely outcome after they file their taxes?

• 1. They will receive a refund

• They will owe a payment to the IRS

• They will be audited

• They will be charged with tax evasion

Hannah's first paycheck from her job shows that $450 was taken out in taxes. Which type of tax was taken out of Hannah's paycheck?

• Payroll Tax

• Income Tax

• Sales Tax

• Property Tax

Tags

CCSS.RF.3.3B

CCSS.RF.3.3C

CCSS.RF.3.3D

CCSS.RF.4.3A

CCSS.RF.5.3A

When do you start paying taxes?

• When you turn 18

• When you make more than the minimum income requirement

• When you get a full-time job (part-time does not count)

• When you are notified by the IRS that you are required to pay federal income taxes

Jessie did not meet the minimum income requirement to file a tax return. What is one reason for why she should file a tax return anyway?

• She could potentially get a refund for the taxes that were withheld from her paycheck.

• She still needs to report her income to the Federal government.

• She can qualify for a higher tax refund next year.

• She is still legally required to file a tax return even if she does not meet the minimum income requirement to owe taxes.

Which of the following does the Federal government spend a LARGE portion of taxpayer money on?

• Education

• Military

• Transportation

• Science

What is the key difference between Net Pay and Gross Pay?

• Net pay is the total amount of money you get BEFORE taxes are deducted.

• Gross pay is the total amount of money you get AFTER taxes are deducted.

• Net pay is the total amount of money you get AFTER taxes are deducted.

• Gross pay is the total amount of money you get BEFORE retirement, healthcare, and dental care have been deducted.

Which of the following is NOT a category in the Federal government's spending?

• Mandatory spending

• Discretionary spending

• Interest on loans issued

• Interest on national debt

Our tax money is spent on all of the following EXCEPT:

• Social Security

• The Military

• Private School Education

• National Parks

Tags

CCSS.6.RP.A.3B

Jess is 21, in college, & has a job that provides 65% of her support. Is she a dependent?

• Yes

• No

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Jason filed his tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?

• April 15th

• October 15th

• December 31st

• January 1st of the next year

Tags

CCSS.7.EE.B.3