Taxes Review

When are taxes filed in relation to the calendar year?

• Before the calendar year ends

• After the calendar year ends

• During the calendar year, before December

• At the beginning of the calendar year

What is the purpose of completing a W-4 form?

• To indicate how much in taxes you'd like withheld from each paycheck

• To report your yearly earnings to the government

• To indicate eligibility for employment in the United States

• To request an extension for submitting tax forms

What should you do if you do not receive your W-2 form by a certain date?

• Wait until the next year to file taxes

• Contact your employer

• File your taxes without the W-2 form

• Immediately request an extension

What is the significance of the last day of the calendar year for taxpayers?

• It is the deadline to submit income tax forms

• It is the first day you can submit tax returns for the previous year

• It is the deadline for employers to mail W-2s to their employees

• Your yearly earnings are final after this date

When is the last day to submit income tax forms or to request an extension?

• Last day of the calendar year

• First day of the calendar year

• Deadline for employers to mail W-2s

• April 15th

What is the purpose of an IRS 1040 form?

• To apply for an automatic extension of time to file U.S. individual income tax return

• To report and pay estimated quarterly taxes

• To report your annual income and calculate taxes owed or refund

• To change your address with the IRS

The W-4 form lets...

• the government know how much you paid in taxes last year

• your employer know how much to withhold from your paycheck

• the 3 major credit bureaus know how many dependents you have

• you know how much you paid in taxes last year

By claiming "exempt" on the W-4 form...

• You are paying all income taxes upfront at the START of the year.

• You are requesting an extension to file your taxes

• You will NOT have income taxes withheld from your paycheck.

• You are paying all income taxes at the END of the calendar year.

Also known as take home pay, this is the amount left after all payroll deductions have been taken from the gross income

• gross pay
• withholdings
• net pay
• real pay

What is the term for individuals who rely on you for financial support, such as your children or other family members?

• Dependents

• Beneficiaries

• Heirs

• Nominees