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WorksheetsIncome taxes
Total questions: 40
Worksheet time: 24mins
Unearned income is reported on your tax form and taxes must be paid on them.
True
False
Overtime is calculated at 1.5 times an employee's regular rate of pay.
True
False
Employees who are paid biweekly are paid twice a week.
True
False
Employees who are paid semi-monthly receive 26 paychecks per year.
True
False
Tax deductions are calculated as a percentage of net pay.
True
False
Federal law requires employers to pay a minimum wage.
True
False
Social security is the tax that pays for medical insurance for older adults.
True
False
Which form is used to report an employees earnings and taxes paid in a year?
W-2
W-4
I-9
1040
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
What is the deadline for filing personal income tax?
March 15th
April 15th
June 15th
December 15th
In most circumstances, which of the following persons can be claimed as a dependent on a Form W-4? Mark all that apply.
yourself
your spouse
your parents
your children
your pets
What are the four most common taxes that come out of a person’s payroll check?
Federal Income Tax
State Income Tax
City/Local Income Tax
Medicare Tax
Social Security
money or benefits received from the government
Transfer payment
Tax refund
amount returned by the government for overpaid taxes
Transfer payment
Tax refund
pay based on number of hours worked
salary
wages
earned income
unearned income
fixed rate of pay for week, month, or year
wages
commission
tips
salary
withheld from an employee’s wages or salary
disposable income
payroll taxes
workers compensation
earned income
money leftover to spend after paying taxes
disposable income
unearned income
earned income
gross income
Income that has not been worked for such as interest, dividends, or gambling winnings
disposable income
unearned income
earned income
workers compensation
Wages, salary and tips
unearned income
earned income
disposable income
Pays medical and disability benefits to employees injured on the job
unearned income
earned income
workers compensation
Medicare
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, a part-time college student, & has a job that provides 65% of her support. Is she a dependent?
Yes
No
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 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 16 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 18 and older to file taxes.
Yes, because he may get a refund.
Yes. You must file taxes even if you didn't earn enough.
Which of the following is NOT a way you can file your taxes?
Through a tax professional
Mailing in a paper tax return to the Federal government
Using tax software like TurboTax
Through your employer's HR department
Net Pay
A required payment for the support of a government.
A principle that reflects the worth you place on an idea or action.
A business owner who takes the risk of owning and operating a business.
Your actual take home pay
Your total wages from working
Employees who are paid biweekly are paid twice a month.
True
False
Which of the following forms is a summary of what you made & what you paid? Hint: You DON'T fill it out, but it IS needed in order to file your taxes
W2 Form
W4 Form
1040EZ
I9 Form
On the W-4 form, which would give you more money in your pocket per paycheck, a 0 or a 1?
1 withholding
0 withholding
They are the same
A fixed amount all people are allowed to deduct from their adjusted gross income to reduce their tax liability
Standard Deduction
Itemized Deduction
entitled to some or all of one's money in a retirement plan when leaving a company
benefit
insurance
bonus
vested
factors on IRS Form W-4 that affect the amount of income tax withholding care called
allowance
dependent
deduction
none of these
someone who is supported by a taxpayer's income
allowance
deduction
dependent
none of these
on a tax return, an amount subtracted directly from the amount of tax owed
itemized deduction
standard deduction
tax credit
none of these
If you are not required to file a income tax return for the year, why would you do it anyway?
to make sure the IRS does not audit you
to see if you would get a refund
for fun
I wouldn't
