WorksheetsReview Income Taxes
Total questions: 21
Worksheet time: 12mins
What day is "tax day"?
April 5th
April 15th
May 4th
May 14th
Each year individuals are required to file a ___ _______
(a)
Federal withholding is an estimate of taxes due.
true
false
What form summarizes the employees earnings and the amounts withheld for the year?
1040
W4
W2
Schedule A
What form calculates the persons earnings and the amounts withheld for the year to determine if money is owed to them or to the government?
1040
W4
W2
Schedule A
The form employers must provide to employees by January 31 of each year that gives annual income and withholding information. (Income money received from wages and salaries, rent, interest, and profit) is?
W4
1040
W2
A tax form filled out by an employee to indicate the amount that should be withheld from his/her paycheck for taxes
W4
W2
1040
Schedule A
Whether you work or not, if you receive income, you don't have to file a tax return.
True
False
_____ ______ is the total earned an unearned income within a specific period of time.
(a)
_______ ______ ______ is gross income minus selected government-approved deductions?
Adjusted Gross Income (AGI)
Health savings account
Child tax credit
Deduction is an adjustment to income that comes _____ the AGI is determined.
before
after
_____ _____ is a fixed amount that can be claimed instead of listing individual expenses.
Taxable Income
Itemized Deduction
Standard Deduction
Standard Exception
IRS stands for
Internal Revenge Service
International Revenue System
Internal Revenue Service
Beth found out that she owes money to the IRS after filing her tax return. What is the most reasonable explanation as to why she owes money in taxes?
Too much money was withheld from her paychecks.
Not enough money was withheld from her paychecks.
The IRS is asking Beth for a future advance on her possible taxes for next year.
Which form comes pre-filled by your employer that you MUST have to fill out your tax form?
Which form do you fill out to file your taxes?
How long can your parents claim you as a dependent?
18
24 if you are in college
19 or 24 if in college
You should keep your tax records for how long in case of an audit?
10 years
20 years
3-5 years
