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WorksheetsTaxes
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
Who withholds payroll and income taxes, and what is the Social Security tax rate as of Dec. 2016?
a)
Employees withhold taxes. The Medicare tax rate is 1.45%
b)
Payroll and income taxes are withheld by employers. The Social Security tax rate is 6.2%
c)
The Social Security tax rate is 6.2%
d)
The IRS withholds employee taxes.
2.
How is
Form W-4 used?
Form W-4 used?
a)
Form W-4 is the Employee's Withholding Allowance Certificate.
b)
It is used so the IRS can withhold taxes.
c)
Taxes are used to pay for roads, public education, social services, and other public expenses.
d)
It is used by employers to compute how much income tax to withhold.
3.
What do you attest by signing your W-4 form?
a)
Under penalties of perjury, I declare that I have examined this certificate and it is TRUE, CORRECT, and COMPLETE.
b)
The additional amount, if any, that should be withheld from each paycheck.
c)
If married but legally separated, you check the "single" box.
d)
The employer's name and address.
4.
Why is Form W-4 completed, and when should a new W-4 be completed?
a)
It is completed so employers can withhold the correct federal income tax from paychecks. A new W-4 should be completed each year and when personal / financial situations change.
b)
It is completed only if you are not exempt from taxes due to being a full time student.
c)
It is completed only if you claim the head of household filing status on your return by being unmarried and paying more than 50% of the costs of keeping up a home for yourself and dependents.
d)
It should be completed if you are not a Nonresident Alien.
5.
On line A of the Personal Allowances Worksheet of Form W-4, Enter "1" for yourself if
a)
Only your parents or spouse can claim you as a dependent.
b)
No one else can claim you as a dependent.
c)
You intend to claim your spouse as a dependent.
d)
Your total income is less than $70k and you intend to claim the child tax credit.
6.
Use the Deductions and Adjustments Worksheet of Form W-4 if
a)
If you have qualifying home mortage interest, charitable contributions, state and local taxes, medical expenses in excess of 10% of your income.
b)
If you are single and all wages from your LOWEST paying job are below $9,000.
c)
If you are single and the wages from your HIGHEST paying job are below $38,000.
d)
You plan to itemize deductions or claim certain credits or adjustments to income.
7.
When do employers send your W-2 Form?
a)
By January 31 each year.
b)
Whenever it is requested.
c)
By April 15 each year.
d)
By December 31 each year.
8.
Which Southeast state(s) do(es) not have a state income tax as of Dec. 2016?
a)
Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming
b)
Florida
c)
New Hampshire & Tennessee
d)
Tennessee & Washington
9.
Based on the the table, how much federal income tax must a person pay whose filing status is single with an annual income of $36,000?
a)
$36,000 * 0.31 = $11,160
b)
(($36,000 - $9,325)*0.25) + $5,226 = $11,895
c)
(($36,000 - $9,325)*0.15) + $932.50 = $5,400
d)
(($36,000 - $9,325)*0.15) + $932.50 = $4,934
10.
Based on the table, what is the fedaral income tax rate of a person filing single with an income of $36,000/year
a)
$5,900 / $36,000 = 0.137 = 13.7%
b)
$4,934 / $36,000 = 0.137 = 13.7%
c)
$4,934 / $36,000 = 0.137 = 0.137%
d)
$4,934 / $36,000 = 0.137 = 137%
11.
Based on the table, how much federal income tax can a single person with an income of $41,000/yr expect to pay?
a)
(($41,000 - $37,950)*0.25) + $5,226.25) = $5989
b)
(($41,000 - $37,950)*0.25) + $5,226.25) = $3050
c)
(($41,000 - $37,950)*0.25) + $5,226.25) = $9039
d)
33% of $41,000 = $41,000 * 0.33 = $13,530
12.
Based on the table, what is the federal income tax rate for a single person with an income of $41,000/yr?
a)
$5989 / $41,000 = 0.146
0.146 = 14.6%
0.146 = 14.6%
b)
$5989 / $41,000 = 0.146
0.146 = 0.146%
0.146 = 0.146%
c)
$5989 / $41,000 = 0.146
0.146 = 146%
0.146 = 146%
d)
$13,530 / $41,000 = 33%
13.
According to the tax table, married individuals with an income of $75,500/yr filing joint returns pay which federal income tax rate?
a)
15%
b)
((75,000 - $18,650) * 0.15) + $1,865 = $10,318
c)
((75,000 - $18,650) * 0.15) + $1,865 = $10,318
$10,318 / $75,500 = 0.14
$10,318 / $75,500 = 0.14
d)
((75,000 - $18,650) * 0.15) + $1,865 = $10,318
$10,318 / $75,500 = 0.14
0.14 = 14%
$10,318 / $75,500 = 0.14
0.14 = 14%
14.
If you intend to itemize deductions, should you use tax form 1040EZ to file your taxes?
a)
Yes. You can itemize deductions on tax form 1040EZ.
b)
Only if the itemized deductions are a greater sum than the standard deduction.
c)
No, you cannot itemize deductions on tax form 1040EZ.
d)
No, because the itemized deductions are not greater than the standard deduction.
15.
You must choose federal income tax form 1040 over form 1040EZ if:
a)
Form 1040A allows you to claim capital gain distributions, such as from a mutual fund.
b)
*Your combined annual income is greater than $100,000.
*You are self-employed.
*You receive income as a shareholder.
*You are self-employed.
*You receive income as a shareholder.
c)
You are under 65 with a combined income less than $100,000.
d)
*You are blind.
*You attend college as a full-time student.
*You have income from dependents such as spousal support or child support.
*You attend college as a full-time student.
*You have income from dependents such as spousal support or child support.
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