WorksheetsFinance Unit 1 Review
Total questions: 15
Worksheet time: 10mins
What are the benefits to using online tax software?
Cheaper than a professional
You are in charge of all form
Little to no errors
Has option for professional advice
I am 19 and I rely on my parents. I am....
A student
A dependent
None of the above
Check the following that is true about a W4:
Gets filled out when you first start your job
Comes in January
Shows your withholdings
Shows your Martial Status
Shows your total income for the year
Which of the following are large areas of federal spending?
Health
Science
Education
Military
Paying Interest on Debt
What is a withholding?
(a)
When must you complete your taxes by?
Jan 31st
April 15th
Dec. 5th
Sept 5th.
Net Pay vs Gross Pay: Which one is the LARGER AMOUNT
Gross Pay
Net Pay
Select all that are ways to pay what you owe from your taxes
Check
Cash
Money Order
Direct Deposit
Wire Transfer
What do you need in order to file your taxes?
W2
W4
1040 form
Social Security Number
Gender
Net Pay is Before or After Withholdings?
Before
After
What are the mandatory deductions from your paycheck?
401 (k) contribution
Social Security
Military
Medicare
Who do you send your tax form to?
IRS
IRA
Govt
I am given to you in January. I tell you about your income from your job. What form am I?
1040
W2
W4
Which form shows the income you make when you are NOT an employee (ie. Dividends)
1040
1099
W2
W4
I am completed by you or a tax professional. I must be turned in on time. I can cost you money or give you money. What form am I?
1040
1099
W2
W4
