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WorksheetsNGPF TAXES
Total questions: 45
Worksheet time: 22mins
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 does not count)
When you are notified by the IRS that you are required to pay federal income taxes
Jessie did not meet the minimum income requirement to file a tax return. What is one reason for why she should file a tax return anyway?
She could potentially get a refund for the taxes that were withheld from her paycheck.
She still needs to report her income to the Federal government.
She can qualify for a higher tax refund next year.
She is still legally required to file a tax return even if she does not meet the minimum income requirement to owe taxes.
Which of the following does the Federal government spend a LARGE portion of taxpayer money on?
Education
Military
Transportation
Science
What is the key difference between Net Pay and Gross Pay?
Net pay is the total amount of money you get BEFORE taxes are deducted.
Gross pay is the total amount of money you get AFTER taxes are deducted.
Net pay is the total amount of money you get AFTER taxes are deducted.
Gross pay is the total amount of money you get BEFORE retirement, healthcare, and dental care have been deducted.
Our tax money is spent on all of the following EXCEPT:
Social Security
The Military
Private School Education
National Parks
Jess is 21, in college, & has a job that provides 65% of her support. Is she a dependent?
Yes
No
Jason filed his tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?
April 15th
October 15th
December 31st
January 1st of the next year
Which is TRUE about earned income and unearned income? (hint: choose 2 correct answers)
Earned is how much you make from a job
Earned is any money you make in interest, dividends, etc.
Unearned is any money you make in interest, dividends, etc
Unearned is how much you make from a job
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
What is the key difference between Net Pay and Gross Pay?
Net pay is the total amount of money you get BEFORE taxes are deducted.
Gross pay is the total amount of money you get AFTER taxes are deducted.
Net pay is the total amount of money you get AFTER taxes are deducted.
Gross pay is the total amount of money you get BEFORE retirement, healthcare, and dental care have been deducted.
Jason filed his tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?
April 15th
October 15th
December 31st
January 1st of the next year
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
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
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
Which of the statements below is TRUE about filing your taxes, assuming your only income comes from the salary you earn
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
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
What form am I? I am received when you start a job. You use me to prove that you are eligible to work in the US, and you must provide forms of identification when submitting me.
I-9
1099
1040
W-4
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-4
W-2
This is a tax you pay when you buy goods/services. You pay extra money to the store/company
Sales
Property
Income
This is a tax you pay when you work. Money is taken away from your pay check
Sales
Property
Income
This is a tax you pay when you own a house, building or land.
Sales
Property
Tax
The deadline to submit taxes or file an extension is
March 1
March 15
April 1
April 15
You must file state income taxes in MISSOURI.
True
False
What does line 1 represent?
Gross income
Taxes paid
Net income
Wages are computed by...
Adding hourly rate and number of hours worked
Multiplying hourly rate by number of hours worked
Dividing number of hours worked by hourly rate
Subtracting your hourly rate from your number of hours worked
What does IRS stand for?
Intergalactic Reporting Station
Internal Revenue Service
International Rescue Supplies
Imaginary Radiation Seeker
How can you file your taxes?
Through the school
Through your church
Through a tax agent or online.
Through your doctor
How many times a year do you fill out your taxes?
Once
Twice
Monthly
Bi-Weekly
What does it mean to claim a dependent on your taxes?
a dog or cat that lives rent free in your home.
a person who relies on someone else financially (i.e. children or the elderly)
a person who is completely independent but lives under your roof.
that you want to adopt the dependent you are claiming.
Which tax form establishes your identify and authorized youto work in the US?
1040
I-9
W-2
W-4
Which tax form do you use to file your federal tax return in April? You use your W-2 to fill in this form.
1040
I-9
W-2
W-4
