WorksheetsBanking Basis, Tax Simulation, and Employment & Tax Study Guide
Total questions: 33
Worksheet time: 27mins
The balance on your bank statement dated July 31 is $832.50. Your bank statement shows a monthly service fee of $6.00. Your check register balance on August 2 is $948.85. Your check register shows one deposit in transit dated July 30 for $200.35. You have two outstanding checks: No. 580 for $40.00 and No. 582 for $50.00. What is the adjusted balance for the checkbook register and the bank statement?
$1,032.85
$942.85
$948.85
$984.50
You deposited $1,000 at 5 percent interest compounded annually for 3 years. What is the amount of interest and principal you will have by the end of the 3 years?
$1,157.63
$1,120.56
$52.25
$55.13
If you deposit $500 for 6 months at an annual interest rate of 7 percent, how much interest will you earn?
$350.00
$35.00
$17.50
$7.50
Compound interest is calculated
only on a semiannual basis
more than once a year
on the principle and interest earned
all of the above
which type of account offers the least interest (if any)
savings
checking
money market
special savings
not-for-profit, community based, but you must be eligible to join
brick and mortar bank
investment coorporation
credit union
cash advance
used to store money for longer term goals, but not for retirement
mutual funds
savings account
checking account
Certificate of Deposit account
When money is withdrawn from a bank account (also known as ‘withdrawal’).
debit
credit
investment
reserve
Generally, the more education you receive, the higher your lifetime earnings will be.
True
False
The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called ________.
Gross pay
Year-to-date pay
Net pay
Total pay
Which of the following is a possible tax or deduction that they may show up on your paycheck?
Federal income tax
Contributions to retirement savings
FICA
All of these
The W-4 tax form is used to ___________.
file your tax return.
determine how much your gross pay should be.
tell your employer how much federal income tax to withhold from your paychecks to send to the IRS.
avoid paying income taxes on your paychecks.
What does the W-2 form tell you?
How much you've earned and how much taxes you've paid in the last year
When to file your tax return
How much federal income tax your employer will withhold from your paycheck
How often your employer will be paying you
A retirement account that your job sponsors and often will help contribute to.
401k
1099
1040
529
Besides the monetary compensation you get from your job, you should consider the ___________ the job offers.
Benefits
Salary
Paycheck
Taxes
The total amount of money earned BEFORE taxes and deductions are taken out
Gross Pay
Net Pay
Take Home Pay
Real Pay
You have to file your taxes with the ________
federal and state government
federal government only
state government only
What do taxes pay for?
Schools, government departments, roads, and emergency services
Privately owned businesses
Operation of financial institutions
None of these choices
Carlos lives with his parents who pay for his food and the mortgage for the house he lives in. His aunt and grandpa also live with him, but they do not pay for his needs. Who can claim Carlos as a dependent?
His parents
His grandpa
His aunt
All adults he lives with
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 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.
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
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
Filing status for marrieds that want to file one tax return
Qulaifying Widow(er)
Married Filing Jointly
Head of Household
Married Filing Separatley
Government agency that collects federal taxes
Internal Revenue State
Income Regional Service
Internal Revenue Service
Income Revenue Service
What type of information is NOT included on a W-2 form?
Employee's Personal Information
Federal and State Taxes Deducted
Wages
Employer's Social Security Number
For federal tax, if you have a higher income, you pay a higher percent in taxes.
true
false
Who is required to file a W-2 form?
Employers
Self-employed individuals
Retirees
Employees
What should an employee do if they find an error on their W-2 form?
File a complaint with the IRS
Correct the error themselves
Ignore the error and submit the form
Contact their employer or the payroll department
