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WorksheetsFiling Taxes Unit
Total questions: 35
Worksheet time: 18mins
Which of the following are the three largest categories of federal government spending?
Infrastructure, Defense, and Science
Education, Defense, and Food/Agriculture
Veterans, Infrastructure, and Education
Health, Military, and Interest on Debt
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.
When do you start paying taxes?
When you turn 18
When you make more than the minimum income requirement
When you get a full-time job (part-time dose not count)
When you are notified by the IRS that you are required to pay federal income taxes
Why is it important to be extremely careful when completing your 1040 form?
Making even mone mistake on your federal taxes can result in your being convicted of a crime
The 1040 form determines whether you owe additional taxes or are entitled to receive a refund from the government.
Completing the 1040 incorrectly will mean the wrong amount of taxes will be withheld from your paychecks going forward
Mistakes on your 1040 from make you ineligible for employment during the next year
Which of the statements below is TRUE about filing your taxes, assuming only income comes from the salary you earn at Big Tech Company?
You need to file your tax return by the end of the calendar year ( typically December 31st)
If your employer takes out federal income taxes through payroll withholdings, you do not need to file a tax return
You must file your tax return by April 15th of the following year or request an extension by that date.
You do not need to pay any income taxes until April 15th, so you should ask your company to wait until after that date to withhold any money.
Which of the following describe what a "dependent" is for tax purposes?
Someone under the age of 19 who you financially support
Someone who is temporarily disabled
Someone who financially supports you
Someone who is a full-time student under the age of 30.
Upon completing your 1040, you realize that you owe the $427. Each of the following is a possible way to pay the taxes you owe EXCEPT...
Write a check and mail it to the IRS.
Tell the IRS to take out more taxes next year to pay back the $427.
Use your debit or credit card online or by phone.
Set up an auto-transfer from your bank account if you e-file.
Which of the following statements about the W-2 form is TRUE?
A W-2 lists all the money you earned in cash over the last year
The total wages you earned from ALL jobs you worked in the previous year appear on ONE W-@ form
You need a separate W-2 form from each of your employers in order to file your taxes.
The W-2 includes information about the interest you earned from your investments.
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
What tax form am I? I am received in January. There is one of me for every employer that you worked for in the previous year. I have information on how much you earned and how much you paid in taxes for the previous calendar year.
1040
I-9
W-2
W-4
Who primarily uses our tax money? (hint: choose 2 correct answers)
Your employer
The state government
The Federal government
Local Businesses
Our tax money is spent on all of the following EXCEPT:
Social Security
The Military
Private School Education
National Parks
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.
ou 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.
Jason filed his 2021 tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?
April 18th
October 15th
December 31st
January 1st of the next year
True or False: All wages, tips, and bonuses are taxable unless specifically excluded.
True
False
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
Which is the BIGGEST tax that is taken out of your paycheck?
State Income Tax
Federal Income Tax
Social Security Tax
Health Insurance
When filing your taxes, you need to complete both State and Federal forms.
True
False
You may get a refund if you have paid too much $ in taxes to the government.
True
False
Who can file your taxes? (Pick 2)
Tax Professional
Manager at work
Your teacher
You
Gross pay and Net pay are the same thing.
True
False
You file taxes to show you paid the right amount in...
Sales tax
Income tax
Property tax
Filing taxes is the law.
True
False
The difference between taking the standard deduction and itemizing deductions is that...
Taking the standard deduction is more work than itemizing your deductions.
The standard deduction requires written proof while the itemized deductions do not.
The standard deduction is a fixed dollar amount while itemized deductions can be many smaller amounts added up.
It makes sense to itemize your tax deductions if...
You want to file your taxes before the April 15th deadline
Itemizing will lead to a deduction greater than the standard deduction
You make less than $30,000 per year
You don't like paperwork
Which form tells an employer how much to deduct for taxes?
W2
W4
1099
1040
What is the name of the agency that collects taxes in the United States?
Secret Service
Federal Bureau of Investigation
Internal Revenue Service
Federal tax form used to list deductions
Schedule B
Schedule A
Tax Credit
Tax Avoidance
The most common tax deduction is...
Standard Deduction
Child Tax Deduction
Mortgage interest Deduction
Itemized deduction
The amount you owe in taxes is calculated based on your
Taxable income
Gross income
Net income
Adjusted Gross Income
Which form is used to file your tax return with the IRS?
W-2
W-4
1099
1040
Which form do you need to file your taxes?
W-1
W-2
W-3
W-4
Which form do you need to file your taxes?
1040
4010
1004
4001
