Upon completing your 1040, you realize that you owe the IRS $427. Each of the following is a possible way to pay the taxes you owe EXCEPT...

Tell the IRS to take out more taxes next year to pay back the $427.

Write a check and mail it to the IRS.

Use your debit or credit card online or by phone.

Set up a direct payment from your bank account.

Why should you accurately complete a W-4 form any time you start a new job or change your tax status?

Your W-4 determines how much Federal income tax money your employer should withhold

You need a copy of your W-4 to file your tax return annually

Your W-4 determines your total tax bill at the end of the year

Completing a W-4 will guarantee you receive a large tax refund

Jay filed his taxes and found out he owes money. What is the most reasonable explanation as to why he owes money in taxes?

Not enough money was withheld from his paychecks.

Too much money was withheld from his paychecks.

When filing his taxes, Jay accidentally checked “Married filing jointly” instead of “Single”.

The IRS is asking Jay for a future advance on his possible taxes for next year.

Which of the statements about the current U.S. tax system is TRUE?

Our current system is described as being a progressive system because it imposes higher rates on those who earn more.

Your friend tells you his marginal tax rate is 22%. That means that he pays 22% on all of his income.

Everyone in the US who makes more than the minimum income requirement pays one flat tax rate.

Our current system is described as being a regressive system because it imposes higher rates on those who earn less.

Which of the following statements about marginal and effective tax rates is TRUE?

Marginal rate is based on your total income and determines what tax bracket you are in, while effective rate is the average tax rate on your entire income.

Marginal rate is the average tax rate on your entire income, while effective rate is based on your total income and determines what tax bracket you are in.

Marginal rate is the total amount of money you paid in taxes last year, while effective rate is the refund amount you received last year.

Marginal rate and effective rate can be used interchangeably, as they mean the same thing.

Who is legally required to file a tax return? (Note: All of the following people can be claimed as a dependent.)

Risha, who earned $14,600 from her internship.

Madison, who earned $350 from her cake business.

Matthew, who received $800 in investment income.

Greg, who earned $1,250 from his part-time job.

When people refer to "Tax Day" they mean...

April 15, the typical deadline to file your taxes

January 1, the first day of the calendar year

December 31, the last day to earn income and have it count toward that tax year

Whatever day your tax refund comes in the mail

A dependent is someone who...

relies on someone else to provide more than half of their financial support.

relies on someone else to provide a quarter or less of their financial support.

is able to fully financially support themself.

provides financial support for someone else.

When you sit down to file your 1040 form, which document(s) should you have in front of you?

Checking account statements from last year

Exam Review (Taxes) - 2024

Authored by Mark Caza

Financial Education

12th Grade

Used 6+ times

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25 questions

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MULTIPLE CHOICE QUESTION

15 mins • 1 pt

What does the term "withholding" mean in reference to your paycheck?

It is the amount of your paycheck that you are NOT being taxed on.

It is how much is being taken out of your paycheck in taxes.

It is how much you are going to owe the government when you file your annual tax return.

It is how much you earn and includes salary, bonus and commissions.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

When do you start paying income tax?

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

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

What is the difference between gross pay and net pay?

Gross pay is before taxes and deductions are subtracted; Net pay is your take-home pay.

Net pay is before taxes and deductions are subtracted; Gross pay is your take-home pay.

There is no difference between gross and net pay.

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

What does FICA consist of?

Health Insurance

Social Security & Medicare

Federal & State Taxes

Employer Sponsored Retirement

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

How do employers figure out how much federal income tax to withhold from your paycheck?

It is set by a federal regulation at 7.65%

It is based on your previous year's tax return

It is based on the information you have provided on your I-9 form

It is based on the information you have provided on your W-4 form

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

What is the deadline for you to receive your W-2 from your employer?

Within 30 days of hire

Any time you request it in writing

January 31st

April 15th

MULTIPLE CHOICE QUESTION

15 mins • 1 pt

You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for federal and state income taxes?

W-2

W-4

I-9

1040

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Exam Review (Taxes) - 2024

What does the term "withholding" mean in reference to your paycheck?

When do you start paying income tax?

What is the difference between gross pay and net pay?

What does FICA consist of?

How do employers figure out how much federal income tax to withhold from your paycheck?

What is the deadline for you to receive your W-2 from your employer?

You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for federal and state income taxes?

What tax form am I? I am received when you start a job. You use me to prove that you are eligible to work in the U.S., and you must provide forms of identification when submitting me.

Upon completing your 1040, you realize that you owe the IRS $427. Each of the following is a possible way to pay the taxes you owe EXCEPT...

When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called a __________.

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