WorksheetsIncome & Taxes
Total questions: 25
Worksheet time: 25mins
The W-4 form lets...
the government know how much you paid in taxes last year
your employer know how much to withhold from your paycheck
the 3 major credit bureaus know how many dependents you have
you know how much you paid in taxes last year
Jess is 21, a part-time college student, & has a job that provides 65% of her support. Is she a dependent?
Yes
No
The more allowances you claim on your W-4...
The more money is withheld from your paycheck
The less money is withheld from your paycheck
The # of allowances doesn't impact how much $ is withheld
You claim allowances on a W-2, not the W-4
Which of the following is FALSE about the W-2 form? (hint: choose 2 correct answers)
The W-2 is sent out in April of every year
It lets you know how much you earned last year
It lets you know how much was withheld from your paychecks
You get 1 W-2 form every year, even if you had multiple jobs
Jason is 16 and earned $1450 at his job last summer. Should he file a tax return?
No, because he didn't earn enough.
No, because you have to be 18 and older to file taxes.
Yes, because he may get a refund.
Yes. You must file taxes even if you didn't earn enough.
Which of the following is NOT a way you can file your taxes?
Through a tax professional
Mailing in a paper tax return to the Federal government
Using tax software like TurboTax
Through your employer's HR department
Net Pay
A required payment for the support of a government.
A principle that reflects the worth you place on an idea or action.
A business owner who takes the risk of owning and operating a business.
Your actual take home pay
Your total wages from working
Employees who are paid biweekly are paid twice a week.
True
False
State law requires employers to pay a minimum wage.
True
False
In most circumstances, which of the following persons can be claimed as a dependent on a Form W-4? Mark all that apply.
yourself
your spouse
your parents
your children
your pets
pay based on number of hours worked is called
salary
wages
earned income
unearned income
a fixed rate of pay for week, month, or year is called
wages
commission
tips
salary
Right when you start a job
Which of the following forms is a summary of what you made & what you paid? Hint: You DON'T fill it out, but it IS needed in order to file your taxes
W2 Form
W4 Form
1040EZ
I9 Form
On the W-4 form, which would give you more money in your pocket per paycheck, a 0 or a 1?
1 withholding
0 withholding
They are the same
A fixed amount all people are allowed to deduct from their adjusted gross income to reduce their tax liability
Standard Deduction
Itemized Deduction
entitled to some or all of one's money in a retirement plan when leaving a company
benefit
insurance
bonus
vested
factors on IRS Form W-4 that affect the amount of income tax withholding care called
allowance
dependent
deduction
none of these
someone who is supported by a taxpayer's income
allowance
deduction
dependent
none of these
on a tax return, an amount subtracted directly from the amount of tax owed
itemized deduction
standard deduction
tax credit
none of these
What is the normal tax day each year (the day income tax returns must be filed by)?
January 31
March 1
April 1
April 15
If you are not required to file a income tax return for the year, why would you do it anyway?
to make sure the IRS does not audit you
to see if you would get a refund
for fun
I wouldn't
