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WorksheetsTaxes and Paychecks
Total questions: 10
Worksheet time: 5mins
Net pay means
The money I make before taxes
The money I make after taxes
All the money I've made for the year, before taxes
Which of these are "federal taxes" we've discussed?
Federal income tax alone
Federal income tax and FICA
State income tax and FICA
State income tax alone
What section of a paycheck would I look at if I wanted to know how much I've earned from the beginning of the year until that pay date?
"Deductions"
"Year-to-Date"
"Pay date"
"Rate"
What's the difference between "gross" and "net" pay?
Net pay is what I earn before taxes come out, gross is what I receive after taxes come out
Gross pay is what I earn before taxes come out, net is what I receive after taxes come out
They are two terms for the same thing
Which of these forms would I need to fill out in order to complete a federal tax return?
Maryland Form 507
W-2
X-99
TPS Report
The form W-2...
Informs my employer how much I want to withhold in federal taxes for the coming year
Lets me know how much I earned for the previous year, and how much tax I withheld
Informs my employer how much I want to withhold in state taxes
Is another term for a standard paycheck
The "deductions" section of a paycheck:
Tells me how much I earned before taxes
Shows me how much tax was taken out of my pay
Tells me how much I make per hour
Shows me how many hours I worked that pay period
A "pay period" is
The date I received a paycheck
The recorded length of time I worked and was paid for
How many taxes were taken out of my paycheck that year
The entire period of time I was employed by a company
Why do we fill out the form W-4 (federal) and MW507 (Maryland)?
To prevent the government from taxing us
To let our employer know how much income tax to withhold (set aside) from each paycheck
To inform the IRS how much money we made this year
To request an extension on paying taxes
Which of these is an example of a progressive tax?
One where higher income earners have a higher percentage of their income taxed than lower income earners
One where higher and lower income earners lose the same percentage of their income to taxes
One where lower income earners have a higher percentage of their income taxed than higher income earners
A tax proposed by the Democratic Party, as opposed to the Republican Party
