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WorksheetsTAXES
Total questions: 38
Worksheet time: 57mins
Who primarily uses our tax money? (hint: choose 2 correct answers)
Your employer
Large corporations
Federal and state government
Local Businesses
Our tax money is spent on all of the following EXCEPT:
Social Security
The Military
Private School Education
National Parks
Which of the following is NOT a category in the Federal government's spending?
Mandatory spending
Discretionary spending
Interest on loans issued
Interest on national debt
Which of the following taxes is applied to wages, salaries, dividends, and interest earned?
Corporate Income Tax
Income Tax
Estate Tax
Excise Tax
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, in college, & has a job that provides 65% of her support. Is she a dependent?
Yes
No
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.
You 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 2022 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
Which of the following things is TRUE about the W-2 form EXCEPT...
You get 1 W-2 form every year, even if you had multiple jobs
It contains information you'll need to fill out a 1040
It lets you know how much you earned last year
It lets you know how much was withheld from your paychecks
Jason is 15 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 16 and older to file taxes.
Yes, because he may get a refund.
Yes. You must file taxes even if you didn't earn enough.
What do you need to file your 1040 form?
Your W-2
Your W-4
Your prior year's tax return
Income of $50,000 or more
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
True or False: A teen's earned income can be reported on a parent's tax return.
True
False
If a teen files a tax return, can the parent still claim him/her as a dependent?
Yes. All teens are dependents until they are 18 years old
No. If a teen files a tax return, he/she cannot be claimed
Yes, as long as the teen meets the dependency requirements
Yes, but the parent has to add the teen's income to theirs
Luisa earned $1,200 at her part-time job, and $500 from babysitting in cash. Which is TRUE?
She will report her total income as $1,700.
She will report her total income as $1,200.
She will report her total income as $500.
Luisa is required to file a tax return.
Earned income is any money you make from things like interest and dividends.
True
False
If you owe taxes, which of the following is FALSE?
You can make a payment using cash
You can delay your payment deadline
With an agreement, you can pay it in installments
You can make a payment with a debit, but not credit card
Which is TRUE if you do not pay your taxes?
You owe twice as much the following year
You're more likely to be approved for low interest loans
You cannot go to jail (but you will be heavily fined)
Your credit score may be impacted
Who collects taxes from people in the US economy?
Structural Employees
The Internal Revenue Service
The business cycle
The military tribunal
What determines the amount of taxes you owe or will get back?
Corporate Taxes
Tax Fraud
Tax Evasion
Tax Returns
What do your taxes help support?
Public safety (Firefighters, Police, Hospitals)
Infrastructure (Roads, Libraries, Museums)
Education (Schools)
National Parks/Public Parks
What definition best fits for the word tax?
Pointless fee everyone pays
Fee the public pays to the government to help sustain public things
Fees applied ONLY to food
Fees that are the same for every person across the country
Which of the following forms is meant to determine your allowances / withholdings / deductions and affects your FEDERAL and STATE income tax %? Hint: YOU fill it out
W2 Form
W4 Form
1040EZ
I9 Form
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
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 TRUE if you do not pay your taxes?
You owe twice as much the following year
You're more likely to be approved for low interest loans
You cannot go to jail (but you will be heavily fined)
Your credit score may be impacted
What does the I9 form do?
Employment Eligibility Verification
Withhold taxes for the IRS
Determines how much you how to the IRS
Employers Information on taxes
Why should you accurately complete a W-4 form any time you start a new job or change your tax status?
Your W-4 determines your total tax bill at the end of the year.
Completing a W-4 will guarantee you receive a large tax refund.
Your W-4 determines how much Federal income tax money your employer should withhold
You need a copy of your W-4 to file your tax return annually.
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
Your parents pay $3500 in taxes each year based off of the value of your home. Which type of tax is this?
Payroll tax
Property tax
Sales tax
Income tax
Married people who fill out tax return together.
single
married filing jointly
married filing separately
head of household
What does the IRS stand for?
International Revenue Service
Internal Revenue Service
Internal Restitution System
Internal Revenue System
All of the following people can be claimed as a dependent for tax purposes EXCEPT…
A 23 year old college student whose parents pay all of their expenses
A 17 year old high school student with a part-time job whose parents pay for all of their expenses
A 20 year old college student with a paid internship who pays for all of their own expenses
A 25 year old cousin with no job who has lived in your parent/guardian’s house for the last year
You are required to file a tax return in all of the following scenarios EXCEPT…
You made $25,000 working a full-time job
You made $3,000 from investments in the stock market
You were self-employed and made $2,500
You made $9,000 working a part-time job
