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WorksheetsPACE Tax Quiz review
Total questions: 34
Worksheet time: 2hrs 32mins
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
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.
When you receive a new job, you are mandated to file a
Complaint
Divorce
W-4
W-2
If you claim "zero" on your W-4, what will be the most likely outcome?
(CHOOSE TWO ANSWERS)
More money will be taken out of your paycheck
Less money will be taken out of your paycheck
You will most likely get a refund
You will most likely have to pay taxes at the end of the year
If you claim "three" on your W-4, what will be the most likely outcome?
(CHOOSE TWO ANSWERS)
More money will be taken out of your paycheck
Less money will be taken out of your paycheck
You will most likely get a refund
You will most likely have to pay taxes at the end of the year
Assume that Maxwell and his spouse anticipate earning around $110,000 in combined income this year. Given how he’s completed this W-4 form, how many children under the age of 17 does Maxwell have?
1
2
3
4
How much EXTRA money is Maxwell having held from each paycheck?
$0
$10
$50
Cannot tell from this form
When Maxwell completes this W-4, who should he submit it to?
His employer
The IRS
No one - he keeps it for his records
His spouse
When is the deadline to receive your W-2 Wage and Tax Statement?
January 30th
January 31st
April 15th
April 1st
The entire amount of your income or paycheck before any deductions
Net Pay
Gross pay
Income Tax
Social Security Tax
The amount you see on your pay check is your
gross pay
deductions
net pay
status
What is the average rate everyone's wages are taxed for FICA - Social Security?
2%
5%
15%
6.2%
Hope's contribution to her RETIREMENT plan...
is a post-tax contribution on which she pays federal income taxes
is pre-tax and therefore not included in federal income taxes
Is a contribution to her Social Security
is taxed at a rate of 15%
Which of the following jobs is considered a household employee?
Babysitter
Selling lemonade
Designing websites
Gardening neighbor's yard
Stella is 16 years old. She earned $3,500 this year at a local ice cream shop, and another $3,500 in cash babysitting her neighbor’s son. Should she file a tax return?
No because she has earned less than is required by the law.
Yes because everyone has to file a tax return.
Yes so she can receive any taxes withheld that she might get back.
No because she is under 18.
What is the benefit of claiming 0 or 1 withholding allowances on the W-4 form you receive when you start your job?
It will help you with your social security.
If you earn more than the exemption, it will keep you from owing as much tax.
It is required by law.
There is no benefit.
What two taxes will you NOT receive a refund for, even if you file a tax return?
Social security tax
FICA
State tax
Medicare tax
You do not need to pay taxes if you earn income in cash.
True
False
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
Income earned from employment or self employment
Wage
Earned Income
Salary
Piecework
Davis is a 17 year old high school student, he lives with his parents. David earned $4,500 at his part-time job. Is this person legally required to file a tax return?
Yes, this person earned income is more than $12,000
No, this person earned income is less than $12,000
Yes, this person unearned income is more than $1,050
No, this person unearned income is less than $1,050
Pauline is a 17 year old high school student who lives with her parents. Pauline earned $500 in interest income from her savings account. Is this person legally required to file a tax return?
Yes, this person earned income is more than $12,000
No, this person earned income is less than $12,000
Yes, this person unearned income is more than $1,050
No, this person unearned income is less than $1,050
Yes, this person self-employment income is more than $400
Rocio is a 17 year old high school student who lives with her parents. Rocio earned $1,250 from dog walking and pet sitting. Is this person legally required to file a tax return?
Yes, this person earned income is more than $12,000
No, this person earned income is less than $12,000
Yes, this person unearned income is more than $1,050
No, this person self-employment income is less than $400
Yes, this person self-employment income is more than $400
Davis is a 17 year old high school student, he lives with his parents. David earned $4,500 at his part-time job. Can this person be claimed as a dependent?
Yes, this person is under 24 and a student.
No, this person is over 18 and not a student.
Darnell is 22 years old, works full-time, and still lives at his parents house. He gives money to his parents to help with house expenses. He earned $31,500 from his job. Can this person be claimed as a dependent?
Yes, this person is under 24 and a student.
No, this person is over 19 and not a student
What is this form?
W-2
W-4
Form 1040
Today is the first day of your new job. Place these items in the correct order that they will be completed or received.
W-4
Pay Stub
W-2
File Income tax forms
