WorksheetsHudspeth Personal Finance Taxes
Total questions: 20
Worksheet time: 10mins
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
What item would you DEFINITELY see on a paystub?
Retirement
Healthcare
Gross Pay
Your occupation/role
By claiming "exempt" on the W-4 form...
You are paying all income taxes upfront at the START of the year.
You are requesting an extension to file your taxes
You will NOT have income taxes withheld from your paycheck.
You are paying all income taxes at the END of the calendar year.
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 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
The official date for when taxes are due
January 15
February 15
March 15
April 15
When you receive a new job, you are mandated to file a
Complaint
Divorce
W-4
W-2
When you are ready to file for taxes you must have form
W-2
W-6
WD40
W-2484
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
You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for federal and state income taxes?
W-2
1099
W-4
I-9
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 an example of public goods or services paid for by taxes?
Shopping Malls
Resturaunts
Churches
Roads and Highways
