Worksheets24-25 Taxes and You
Total questions: 30
Worksheet time: 16mins
Which form/document do you not need when filing your taxes?
W-2
1099 (Interest Statement)
W-4
What document do you use to determine the amount of tax owed?
Tax Table
W-2
Allowance Table
1040
Who is responsible for providing the W2 form to the tax filer?
You, the tax filer
The Employer
The bank (financial institution)
The IRS
Which tax form is used to tell your employer your filing status, number of dependents and the amount you would like deducted from your paycheck for income taxes?
Which tax form provides information on how much you have earned in interest on your savings tools, such as a savings account?
Who provides an employee with the 1099-INT?
You fill it out, the employee
Your employer
Your bank or financial institution
What day is typically known as tax day? (or the last day to file taxes without a penalty)
January 1st
April 1st
April 15th
December 31st
The amount of money you are actually paid after deductions have been taken out. (take-home pay)
dependent
gross pay
net pay
income tax
Tax filers should receive a W-2 statement in the month of ....
Money that you receive if you don't pay enough in taxes is a "refund."
You will need your Form W-4 when filing your taxes.
You can always claim yourself as a dependent if you still live with your mom and dad.
True
False
Marital status does NOT have a determination upon the amount of federal withholding.
true
false
Dependents can be claimed by multiple persons.
true
false
A person must provide more than 1/2 a person's support for an entire year to be a dependent.
true
false
Individuals in every state pay BOTH federal and state income taxes.
True
False
If an individual has an overpayment on the 1040, he/she will….
receive a refund.
be required to pay taxes.
be required to pay a failure-to-pay penalty.
be required to pay a failure-to-file penalty
If an individual is exempt from paying taxes he/she is excused from paying taxes altogether.
True
False
What tax is owed if the taxable income is $15,906 and the filing status is Single. (use the tax table shown here)
$1711
$1588
$1717
$1723
One of the disadvantages of completing taxes yourself rather than having a professional complete them is...
the cost.
you risk exposing personal information and identity theft.
you might miss a deduction because you lack the knowledge of tax laws.
you will gain a better understanding of your own finances.
Interest income is considered unearned income.
True
False
Preparing taxes yourself creates opportunities for an individual to: (choose two answers that are best)
save time and money.
possibly make mistakes if the filer isn't knowledgeable about taxes.
an extended wait time for document preparation and completion.
always get a refund.
