Taxes Quiz

Mandatory government spending includes which of the following?

• Infrastructure and science

• Social Security and Medicare

• Healthcare and military

• Education and agriculture

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

• The amount of your paycheck that you are NOT being taxed on

• How much you are going to owe the government when you file your annual tax return

• How much you earn and includes salary, bonus and commissions

• How much is being taken out of your paycheck for things like taxes, employer sponsored health insurance, and retirement

When are you required to file and pay income taxes?

• When you turn 18

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

• When you make more than the minimum income requirement (Standard Deduction)

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

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 taxes?

• W-4

• W-2

• I-9

• 1040

Which of the following paycheck withholdings puts money into a retirement investment fund that you will manage?

• Social Security

• Medicare

• 401(k) contribution

• Federal income taxes

When determining whether you NEED to file a federal tax return, each of these questions matters EXCEPT…

• How much income did you earn this year?

• What type of income did you earn this year?

• What state do you live in?

• Are you claimed as a dependent on anyone else's tax return?

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

• withholding

• direct deposit

• deduction

• refund

Which of the following describes what a "dependent" is for tax purposes?

• A child or adult that you support financially

• Someone who is temporarily disabled

• An adult who financially supports you

• Someone who is a full-time student under the age of 30

All of the following people would be required to file a tax return EXCEPT…

• Janet, who earned $28,200 but was paid entirely in cash

• Max, whose total income from three separate part-time jobs was $9,500

• Isaiah, who owns his own business and generated an income of $7,000

• The IRS will refund his $200 directly to him

• The IRS will refund his $200 to his parents

• The IRS will fine Marquis $75 or more for not filing taxes

• Nothing will happen, but Marquis will miss out on his potential refund