WorksheetsTaxes
Total questions: 35
Worksheet time: 33mins
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, in college, & has a job that provides 65% of her support. Is she a dependent?
Yes
No
Jason is 15 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 16 and older to file taxes.
Yes, because he may get a refund.
Yes. You must file taxes even if you didn't earn enough.
What do you need to file your 1040 form? (hint: choose 2 correct answers)
Your W-2
Your W-4
Your prior year's tax return
Social Security Number
If a teen files a tax return, can the parent still claim him/her as a dependent?
Yes. All teens are dependents until they are 18 years old
No. If a teen files a tax return, he/she cannot be claimed
Yes, as long as the teen meets the dependency requirements
Yes, but the parent has to add the teen's income to theirs
Luisa earned $1,200 at her part-time job, and $500 from babysitting in cash. Which is TRUE?
She will report her total income as $1,700.
She will report her total income as $1,200.
She will report her total income as $500.
Luisa is required to file a tax return.
Which is TRUE if you do not pay your taxes?
You owe twice as much the following year
You're more likely to be approved for low interest loans
You cannot go to jail (but you will be heavily fined)
Your credit score may be impacted
Curtis purchased a new pair of jeans for $18. When Curtis pays for his jeans his total is almost $20 because of taxes. Which type of tax does Curtis pay?
Payroll Tax
Income Tax
Sales Tax
Property Tax
Your parents pay a tax each year of $3500 that is based off the value of your home. Which type of tax do your parents pay each year?
Payroll Tax
Income Tax
Sales Tax
Property Tax
Jason pays taxes each year to the federal government based off his yearly income. These taxes help pay for thinks like roads, bridges, and fire fighters. Which type of tax does Jason pay?
Payroll Tax
Income Tax
Sales Tax
Property Tax
Without taxes our government would not be able to run effectively.
True
False
People who do not pay their taxes are called
Tax evaders
Taxpayers
Taxes can be ...
Local
State
National
All are correct
Select the correct answer ...
Tax avoidance is criminal
Tax evasion is legal
Tax avoidance minimizes tax liability without violation of tax rules
Tax avoidance produces penalties
If we want more services from the Government ...
Taxes increase
Taxes decrease
The Government will need less money
All are correct
Classification of taxes ...
Direct - Indirect
Legal - Criminal
Cheap - expensive
All are correct
IRS stands for
Internal Revenge Service
International Revenue System
Internal Revenue Service
Inspection Ravioli Sauce
The official date for when taxes are due
January 15
February 15
March 15
April 15
When filing for taxes, the government will inform you if you receive or pay the government. This is called
Tax write-off
Taxation
Tax profit
Tax return
What does the term "withholding" mean in reference to your paycheck?
it is the amount of your paycheck that you are NOT being taxed on
it is how much is being taken out of your paycheck in taxes
it is how much you are going to owe the government when you file your annual tax return
it is how much you earn and includes salary, bonus and commissions
When do you start paying taxes?
when you turn 18
when you get a full-time job (part-time does not count)
when you are notified by the IRS that you are required to pay federal income taxes
when you make more than the minimum income requirement
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
Upon completing your 1040, you realize that you owe the IRS $427. Each of the following is a possible way to pay the taxes you owe EXCEPT
write a check and mail to IRS
tell the IRS to take out more taxes next year to pay back the $427
set up an auto-transfer from your bank account if you e-file
use your debit or credit card online or by phone
Out of the following group, who does NOT have to file a tax return?
Janet, who earned $28,300 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
