WorksheetsTaxes Review
Total questions: 20
Worksheet time: 11mins
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.
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 dose not count)
When you are notified by the IRS that you are required to pay federal income taxes
Why is it important to be extremely careful when completing your 1040 form?
Making even mone mistake on your federal taxes can result in your being convicted of a crime
The 1040 form determines whether you owe additional taxes or are entitled to receive a refund from the government.
Completing the 1040 incorrectly will mean the wrong amount of taxes will be withheld from your paychecks going forward
Mistakes on your 1040 from make you ineligible for employment during the next year
Which of the following describe what a "dependent" is for tax purposes?
Someone under the age of 19 who you financially support
Someone who is temporarily disabled
Someone who financially supports you
Someone who is a full-time student under the age of 30.
When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called a _____.
withholding
direct deposit
deduction
refund
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-2
W-4
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
Gross pay and Net pay are the same thing.
True
False
You file taxes to show you paid the right amount in...
Sales tax
Income tax
Property tax
What is the name of the agency that collects taxes in the United States?
Secret Service
Federal Bureau of Investigation
Internal Revenue Service
Which form is used to file your tax return with the IRS?
W-2
W-4
1099
1040
Which form do you need to file your taxes?
W-1
W-2
W-3
W-4
When is the deadline to file your taxes each year? AKA: Tax day
March 15
April 15
May 15
June 15
If you paid less than what the IRS thinks you owe in taxes, you have a
Refund
Tax bill
You should keep your tax records for how long in case of an audit?
10 years
20 years
3-5 years
What form is used by independent contractors and the self-employed to report income?
I-9
1099
W-2
W-4
Which is NOT a tax filing status that you can chose when filing your taxes?
Single
In a relationship
Married
When do you get your W-2? Why do you need it? (Select the two correct answers)
No later than January 31st
To file the 1040 form/tax return.
When you start a new or second job
to identify how much my employer should withhold
Who can file your taxes? (Pick 2)
Tax Professional
Manager at work
Your teacher
You
