WorksheetsTaxes
Total questions: 25
Worksheet time: 14mins
IRS stands for
Internal Revenge Service
International Revenue System
Internal Revenue Service
Inspection Ravioli Sauce
Money being taxed comes from
Net Pay
Gross Pay
Take Home Pay
Pay Day...the candybar
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
A fixed amount all people are allowed to deduct from their adjusted gross income to reduce their tax liability
Standard Deduction
Itemized Deduction
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
Why is it important to be extremely careful when completing your 1040 form?
it determines whether you owe additional taxes or are entitled to receive a refund from the government
making even one mistake on your federal taxes can result in your being convicted of a crime
completing the 1040 form incorrectly will mean the wrong amount of taxes will be withheld form your paychecks going forward
mistakes on your 1040 form make you ineligible for employment during the next year
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
When determining whether you need to file a federal tax return, each of these questions matter EXCEPT
what state do you live in?
how much income did you earn this year?
what type of income did you earn this year?
are you claimed as a dependent on anyone else's tax return?
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
Which of the following are ways you can file your taxes?
Online Tax Prep
By phone
On your own (mail in)
With a tax professional
All taxable income you receive, including wages, salaries, and tips. What you earn BEFORE taxes are taken out.
Filing Income
Net Income
Standard Income
Gross Income
Becky made $7,500 last year. She received her w2 in the mail. Does she have to file taxes? If she doesn't have to, why might she want to file anyways?
Becky made over the minimum amount so she must file taxes for the previous year.
Becky does not have to file, but may want to because she could be owed a refund.
Becky does not have to file, but may want to in case she owes the IRS money.
Becky has to file taxes. Everyone has to file regardless of their income amount.
By what date must employers provide, or place in the mail, a wage earner's W-2 statement?
January 1
January 31
April 1
April 15
Income received from sources other than employment.
unearned income
earned income
payroll tax
income tax
Money earned from working for pay.
earned income
unearned income
payroll tax
gross income.
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
Which is the BIGGEST tax that is taken out of your paycheck?
State Income Tax
Federal Income Tax
Social Security Tax
Health Insurance
When you file your taxes, you will use a ________ form.
Timesheet
W2
1040
