Study guide

1. When starting a new job, employees must fill out a(n) ____ form to indicate their tax withholding preferences.

• W-4

• I-9

• W-2

• 401(K)

1. To verify employment eligibility, new hires in the U.S. must complete the  _____ form. 

• I-9

• Income Taxes

• Social Security

• W-2

1. If you overpaid your taxes throughout the year, you will likely receive a(n) ____ when you submit your tax return. 

• Refund

• 401(K)

• Earned Income

• Net Pay

1. Billy’s retirement contribution is a(n) ____, so it is not included in his taxable income.

• pre-tax deduction

• unearned income

• self employed

• refund

1. You may have to file taxes if you receive a certain amount of ____ through gifts, unemployment benefits, dividends, or inheritance.

• Unearned income

• deductions

• mandatory spending

• withholding

1. Employees and employers both pay a payroll tax for Social Security and Medicare. These government programs are considered ____ because that spending is required by law. 

• Mandatory spending

• pre-tax deductions

• unearned income

• social security

1. Your paycheck shows the amount of tax ____ that has been taken out of your earnings.

• Withholding

• social security

• refund

• net pay

1. Individuals who work for themselves, such as freelancers or contractors, are considered ____. 

• Self employed

• Household employee

1. The ____ form is used to report various types of income other than wages, salaries, and tips.

• 1099

• W-4

• I-9

• social security

1. ____ provides benefits for people who are retired, disabled, or survivors of deceased workers.

• Social Security

• Self employing

• pre-tax deductions

• unearned income