WorksheetsUnit 9 Taxes Review
Total questions: 25
Worksheet time: 28mins
When do you start paying income taxes?
Why is it important to be extremely careful when completing your 1040 form?
Which of the following paycheck withholdings puts money into a retirement investment fund that you will manage?
When determining whether you NEED to file a federal tax return, each of these questions matters EXCEPT…
Elaine just accepted a new job and is working with the company’s HR department to fill out paperwork. Which of the following steps is she responsible for?
What is the name of the tax form that requires you to provide identification and proves you are eligible to work in the U.S.?
Which of the following statements about this W-2 form is true?
When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called a __________.
What was the net (or take-home) pay for this employee for this pay period?
How much did this person pay towards Medicare in this pay period only?
Your friend Laila is talking to you about the benefits of tax filing websites. Which of the following is true?
Which of the following describes what a "dependent" is for tax purposes?
If a taxpayer fills out their W-4 in a way that does not withhold enough money to cover their tax obligation, what is the most likely outcome after they file their taxes?
Which of the following statements about the W-2 form is TRUE?
All of the following people would be required to file a tax return EXCEPT…
What is the purpose of the IRS Form 1099?
To report income earned from self-employment
To request an extension for filing taxes
To report wages earned from an employer
To claim dependents on your tax return
Which of the following is NOT a valid deduction on your tax return?
Charitable donations
Mortgage interest
Vacation expenses
Student loan interest
What is the deadline for filing your federal income tax return?
December 31st
April 15th
July 15th
October 15th
Which of the following is NOT a valid reason for requesting an extension to file your tax return?
You were traveling and missed the deadline
You need more time to gather your financial documents
You are waiting for a corrected W-2 form from your employer
You simply don't feel like filing by the deadline
What is the maximum amount you can contribute to a traditional or Roth IRA for the 2021 tax year?
$6,000
$7,000
$19,500
$26,000
What is the purpose of the IRS Form 4868?
To report income earned from self-employment
To request an automatic extension for filing taxes
To report wages earned from an employer
To claim dependents on your tax return
If you are self-employed, which form do you use to report Social Security and Medicare taxes?
Form 1040-ES
Form W-2
Form 1099-MISC
Schedule SE (Form 1040)
What is the purpose of the IRS Form W-9?
To report income earned from self-employment
To provide your taxpayer identification number to entities who will pay you income during the tax year
To report wages earned from an employer
To claim dependents on your tax return
What is the penalty for filing your federal income tax return late?
A flat fee of $100
5% of the unpaid taxes for each month or part of a month that a tax return is late
10% of the unpaid taxes for each month or part of a month that a tax return is late
There is no penalty for filing late
Which of the following is NOT considered taxable income by the IRS?
Gifts received from family members
Interest earned from a savings account
Wages earned from a part-time job
Unemployment benefits received during the year
