C10L3

What form do employees fill out to estimate how much tax will be withheld from their paycheck?

• Form 1099

• Form 1040

• Form W-2

• Form W-4

What is the deadline for filing your tax return for the previous calendar year?

• January 31

• March 15

• April 15

• June 30

What penalty does the IRS impose for not filing a tax return?

• 10% of unpaid taxes per month

• 20% of unpaid taxes per month

• 15% of unpaid taxes per month

• 5% of unpaid taxes per month

What document do employers provide by the end of January for tax purposes?

• Form W-2

• Form 8283

• Form 1040

• Form 1099

What happens if too much tax is withheld from your paycheck?

• You owe more taxes

• You get a refund

• You pay a penalty

• You receive a bonus

What is the goal when filing taxes in terms of refund or payment?

• To pay as much as possible

• To owe a large amount

• To get a large refund

• To get as close to zero as possible

What is the penalty for filing taxes more than 60 days late?

• Minimum of $1000 or 150% of taxes owed

• Minimum of $500 or 75% of taxes owed

• Minimum of $200 or 50% of taxes owed

• Minimum of $435 or 100% of taxes owed

What is the best refund check you can get according to the text?

• $0

• $500

• $1000

• $100

What should you do to avoid a huge tax bill?

• Ignore tax deadlines

• Fill out Form W-4 correctly

• Overpay your taxes

• Underpay your taxes

What is the consequence of not paying taxes after filing?

• No consequence

• Immediate refund

• Failure-to-pay penalty

• Failure-to-file penalty