WorksheetsTaxes Baby
Total questions: 40
Worksheet time: 20mins
Who primarily uses our tax money? (hint: choose 2 correct answers)
Your employer
The state government
The Federal government
Local Businesses
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
Money being taxed comes from
Net Pay
Gross Pay
Take Home Pay
Pay Day...the candybar
Federal Contribution Insurance Act (FICA) are withheld from your paycheck and sent to the government. These are used for (Two answers are to be selected)
Social Security
State
Medicare
Sale
When you are ready to file for taxes you must have form
W-2
W-6
WD40
W-2484
Filing for many exemptions such as pre-tax dollar items will provide you with a(n)
Gross Income
Adjusted Gross Income
Capital Gains
Paycheck
A fixed amount all people are allowed to deduct from their adjusted gross income to reduce their tax liability
Standard Deduction
Itemized Deduction
When filing for taxes, the government will inform you if you receive or pay the government. This is called
Tax write-off
Taxation
Tax profit
Tax return
Who pays taxes
You
Adults
Immigrants
Everyone
6. What type of tax takes a percentage of the money you make on a job?
a. Income tax
b. Property tax
c. Sales Tax
d. Social Security tax
e. Medicare tax
2. What is something that federal taxes pay for?
a. Schools
b. Police
c. Teachers
d. Military
e. Fire department
Which of these things will reduce your tax liability DOLLAR FOR DOLLAR?
Tax deduction
Tax credit
Tax bracket
Standard deduction
The amount you owe in taxes is calculated based on your
Taxable income
Gross income
Net income
Adjusted Gross Income
When people refer to "tax day" , they mean...
January 1, the first day of the year
January 31, the last day to receive your tax forms
Whatever day your tax refund comes in the mail
April 15, the deadline to file taxes
Which form is used to file your tax return with the IRS?
W-2
W-4
1099
1040
Generally, your filing status is determined.....
on April 15th
on the last day of the year.
on the first day of the following year
on your birthday
Which of the following ARE actual tax filing statuses? (Check all that apply)
Engaged
Married filing jointly
Divorced with dependents
Head of Household
Qualifying Widower
Which of the following can be considered tax deductions?
Student loan interest payments
Giving to charity
Filing your taxes
Certain work expenses
The main purpose of a W2 is
To accept a new job
To use while doing your taxes
To open a new bank account
To tell your employers how much taxes to take out of your check
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
Income received from sources other than employment.
unearned income
earned income
payroll tax
income tax
A tax on earned and unearned income.
sales tax
income tax
payroll tax
property tax
A tax on property, such as land, buildings, homes, and automobiles.
home tax
income tax
property tax
sales tax
If an employee has $50 withheld from their paycheck for Social Security and Medicare tax deductions, how much would their employer pay?
$25
$50
$75
$100
The amount of sales tax charged is the same for every city and state.
True
False
Which type of tax helps fund schools?
Payroll tax
Property tax
Income tax
Township tax
Jessica is 21, in college, & has a job that pays her bills. Can her parents claim her as an allowance/dependent on their tax return?
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
What do you need to file your 1040 or 1040EZ form?
Your W-2
Your W-4
Your prior year's tax return
Social Security Number
If you worked 40 hours per week at $10 per hour, what is your gross income for the week?
$227
$4000
$40
$400
Which form comes pre-filled by your employer that you MUST have to fill out your tax form?
Which form do you fill to file your taxes?
How long can your parents claim you as a dependent?
18
24 if you are in college
19
19 or 24 if in college
