WorksheetsTaxes - NGPF Review
Total questions: 110
Worksheet time: 2hrs 50mins
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 does not count)
When you are notified by the IRS that you are required to pay federal income taxes
Jessie did not meet the minimum income requirement to file a tax return. What is one reason for why she should file a tax return anyway?
She could potentially get a refund for the taxes that were withheld from her paycheck.
She still needs to report her income to the Federal government.
She can qualify for a higher tax refund next year.
She is still legally required to file a tax return even if she does not meet the minimum income requirement to owe taxes.
Which of the following does the Federal government spend a LARGE portion of taxpayer money on?
Education
Military
Transportation
Science
What is the key difference between Net Pay and Gross Pay?
Net pay is the total amount of money you get BEFORE taxes are deducted.
Gross pay is the total amount of money you get AFTER taxes are deducted.
Net pay is the total amount of money you get AFTER taxes are deducted.
Gross pay is the total amount of money you get BEFORE retirement, healthcare, and dental care have been deducted.
Our tax money is spent on all of the following EXCEPT:
Social Security
The Military
Private School Education
National Parks
Jess is 21, in college, & has a job that provides 65% of her support. Is she a dependent?
Yes
No
Jason filed his tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?
April 15th
October 15th
December 31st
January 1st of the next year
Which is TRUE about earned income and unearned income? (hint: choose 2 correct answers)
Earned is how much you make from a job
Earned is any money you make in interest, dividends, etc.
Unearned is any money you make in interest, dividends, etc
Unearned is how much you make from a job
Federal Contribution Insurance Act (FICA) are withheld from your paycheck and sent to the government. These are used for (Two answers are to be selected)
Social Security
State
Medicare
Sale
What is the key difference between Net Pay and Gross Pay?
Net pay is the total amount of money you get BEFORE taxes are deducted.
Gross pay is the total amount of money you get AFTER taxes are deducted.
Net pay is the total amount of money you get AFTER taxes are deducted.
Gross pay is the total amount of money you get BEFORE retirement, healthcare, and dental care have been deducted.
Jason filed his tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?
April 15th
October 15th
December 31st
January 1st of the next year
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
What item would you DEFINITELY see on a paystub?
Retirement
Healthcare
Gross Pay
Your occupation/role
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
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
Why is it important to be extremely careful when completing your 1040 form?
it determines whether you owe additional taxes or are entitled to receive a refund from the government
making even one mistake on your federal taxes can result in your being convicted of a crime
completing the 1040 form incorrectly will mean the wrong amount of taxes will be withheld form your paychecks going forward
mistakes on your 1040 form make you ineligible for employment during the next year
Which of the statements below is TRUE about filing your taxes, assuming your only income comes from the salary you earn
you need to file your tax return by the end of the calendar year (typically December 31st)
if your employer takes out federal income taxes through payroll withholdings, you do not need to file a tax return
you must file your tax return by April 15th of the following year or request an extension by that date
you do not need to pay any income taxes until April 15th, so you should ask your company to wait until after that date to withhold any money
You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for federal and state income taxes?
W-2
1099
W-4
I-9
What form am I? I am received when you start a job. You use me to prove that you are eligible to work in the US, and you must provide forms of identification when submitting me.
I-9
1099
1040
W-4
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-4
W-2
This is a tax you pay when you buy goods/services. You pay extra money to the store/company
Sales
Property
Income
This is a tax you pay when you work. Money is taken away from your pay check
Sales
Property
Income
This is a tax you pay when you own a house, building or land.
Sales
Property
Tax
The deadline to submit taxes or file an extension is
March 1
March 15
April 1
April 15
You must file state income taxes in MISSOURI.
True
False
What does line 1 represent?
Gross income
Taxes paid
Net income
Wages are computed by...
Adding hourly rate and number of hours worked
Multiplying hourly rate by number of hours worked
Dividing number of hours worked by hourly rate
Subtracting your hourly rate from your number of hours worked
What does IRS stand for?
Intergalactic Reporting Station
Internal Revenue Service
International Rescue Supplies
Imaginary Radiation Seeker
How can you file your taxes?
Through the school
Through your church
Through a tax agent or online.
Through your doctor
How many times a year do you fill out your taxes?
Once
Twice
Monthly
Bi-Weekly
What does it mean to claim a dependent on your taxes?
a dog or cat that lives rent free in your home.
a person who relies on someone else financially (i.e. children or the elderly)
a person who is completely independent but lives under your roof.
that you want to adopt the dependent you are claiming.
Which tax form establishes your identify and authorized youto work in the US?
1040
I-9
W-2
W-4
Which tax form do you use to file your federal tax return in April? You use your W-2 to fill in this form.
1040
I-9
W-2
W-4
Hannah's first paycheck from her job shows that $450 was taken out in taxes. Which type of tax was taken out of Hannah's paycheck?
Payroll Tax
Income Tax
Sales Tax
Property Tax
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 does not count)
When you are notified by the IRS that you are required to pay federal income taxes
Jessie did not meet the minimum income requirement to file a tax return. What is one reason for why she should file a tax return anyway?
She could potentially get a refund for the taxes that were withheld from her paycheck.
She still needs to report her income to the Federal government.
She can qualify for a higher tax refund next year.
She is still legally required to file a tax return even if she does not meet the minimum income requirement to owe taxes.
Which of the following does the Federal government spend a LARGE portion of taxpayer money on?
Education
Military
Transportation
Science
What is the key difference between Net Pay and Gross Pay?
Net pay is the total amount of money you get BEFORE taxes are deducted.
Gross pay is the total amount of money you get AFTER taxes are deducted.
Net pay is the total amount of money you get AFTER taxes are deducted.
Gross pay is the total amount of money you get BEFORE retirement, healthcare, and dental care have been deducted.
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
Our tax money is spent on all of the following EXCEPT:
Social Security
The Military
Private School Education
National Parks
Jess is 21, in college, & has a job that provides 65% of her support. Is she a dependent?
Yes
No
Jason filed his tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?
April 15th
October 15th
December 31st
January 1st of the next 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. Legally, you must file taxes even if you didn't earn enough.
Which is TRUE about earned income and unearned income? (hint: choose 2 correct answers)
Earned is how much you make from a job
Earned is any money you make in interest, dividends, etc.
Unearned is any money you make in interest, dividends, etc
Unearned is how much you make from a job
Federal Contribution Insurance Act (FICA) are withheld from your paycheck and sent to the government. These are used for (Two answers are to be selected)
Social Security
State
Medicare
Sale
Out of the following group, who is not legally required to file a tax return?
Janet, who earned $28,200 but was paid entirely in cash.
Max, whose total income from three separate part-time jobs was $9,500.
Isaiah, who owns his own business and generated an income of $7,000.
Dani, who is a cafe barista and earned $13,000 in wages and $250 in tips.
Autumn has a job that pays $15.75 per hour. Her paystub list her 401K withholding as $32, FICA of $23, FIT of $33, and healthcare payment of $16. What is her net pay if she works 30 hours?
472.50
368.50
104.00
384.50
What is the key difference between Net Pay and Gross Pay?
Net pay is the total amount of money you get BEFORE taxes are deducted.
Gross pay is the total amount of money you get AFTER taxes are deducted.
Net pay is the total amount of money you get AFTER taxes are deducted.
Gross pay is the total amount of money you get BEFORE retirement, healthcare, and dental care have been deducted.
Which is TRUE about earned income and unearned income? (hint: choose 2 correct answers)
Earned is how much you make from a job
Earned is any money you make in interest, dividends, etc.
Unearned is any money you make in interest, dividends, etc
Unearned is how much you make from a job
Gross income minus deductions equals your net income.
If Amorelle made $384 in gross income and her deductions are $122, what is her net income?
$506
$406
$262
$266
If you paid $2500 in federal taxes and the IRS says you should have paid $3499, what happens?
You have a refund of $1499
You have a tax bill of $1499
You have a refund of $5999
You have a bill of $5999
Taxes are due on this date, unless that date falls on a Sunday
January 15th
April 15th
May 15th
July 15th
Given that g(x) = 3x-8, which of the following ordered pairs represent f(3)
(3,1)
(3,3)
(3,17)
(3,-1)
Maddy made $60,340 last year, placing her in the 22% tax bracket. What is true about Maddy's marginal and effective tax brackets?
Her marginal tax bracket is 22%, and her effective tax bracket is less than 22%
Her marginal tax bracket is less than 22%, and her effective tax bracket is 22%
Her marginal tax bracket and her effective tax bracket are both lesss than 22%
Her marginal tax bracket and her effective tax bracket are both 22%
How much did Elyse pay in FICA taxes?
$2592.10
$2121.63
$470.47
$3947.30
How much did Elyse pay in FIT (federal income tax?
$2592.10
$2121.63
$470.47
$3947.30
How much did Elyse pay in SIT (state income tax?
$2592.10
$2121.63
$1539.90
$3947.30
Brandon goes Christmas shopping and spends $1250 on gifts. None of them are tax exempt. If sales taxes in his state are 7.85%, what is the TOTAL cost of his purchases?
$1348.13
$98.13
$1151.87
$1250.00
Gabby makes $21.50 per hour. In a week, she works 52 hours. She is paid time and a half for any hours over 40. What is her gross pay?
$860.00
$367.00
$387.00
$1247.00
Eli sells parts for commission. For the first $2500, he receives 18%. For everything over $2500, he receives 25%. In a pay period where he sells $10000, what is his gross pay?
$2950
$1875
$2325
$450
52
Weekly
26
Biweekly
24
Semimonthly
12
Monthly
1
Annually
Health insurance for the disabled and elderly.
(a)
The term for when you have your paycheck automatically deposited into your account. (2 words)
(a)
Total pay, before deductions are taken.
(2 words)
(a)
When you get paid by production, it is called this:
(a)
Date your federal tax returns are due:
(Month (spelled out) and year
(a)
Hannah's first paycheck from her job shows that $450 was taken out in taxes. Which type of tax was taken out of Hannah's paycheck?
Payroll Tax
Income Tax
Sales Tax
Property Tax
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 does not count)
When you are notified by the IRS that you are required to pay federal income taxes
Jessie did not meet the minimum income requirement to file a tax return. What is one reason for why she should file a tax return anyway?
She could potentially get a refund for the taxes that were withheld from her paycheck.
She still needs to report her income to the Federal government.
She can qualify for a higher tax refund next year.
She is still legally required to file a tax return even if she does not meet the minimum income requirement to owe taxes.
What is the key difference between Net Pay and Gross Pay?
Net pay is the total amount of money you get BEFORE taxes are deducted.
Gross pay is the total amount of money you get AFTER taxes are deducted.
Net pay is the total amount of money you get AFTER taxes are deducted.
Gross pay is the total amount of money you get BEFORE retirement, healthcare, and dental care have been deducted.
Our tax money is spent on all of the following EXCEPT:
Social Security
The Military
Private School Education
National Parks
Jess is 21, in college, & has a job that provides 65% of her support. Is she a dependent?
Yes
No
Jason filed his tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?
April 15th
October 15th
December 31st
January 1st of the next 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. Legally, you must file taxes even if you didn't earn enough.
Federal Contribution Insurance Act (FICA) are withheld from your paycheck and sent to the government. These are used for (Two answers are to be selected)
Social Security
State
Medicare
Sale
Out of the following group, who is not legally required to file a tax return?
Janet, who earned $28,200 but was paid entirely in cash.
Max, whose total income from three separate part-time jobs was $9,500.
Isaiah, who owns his own business and generated an income of $7,000.
Dani, who is a cafe barista and earned $13,000 in wages and $250 in tips.
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
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.
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 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
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
Why is it important to be extremely careful when completing your 1040 form?
it determines whether you owe additional taxes or are entitled to receive a refund from the government
making even one mistake on your federal taxes can result in your being convicted of a crime
completing the 1040 form incorrectly will mean the wrong amount of taxes will be withheld form your paychecks going forward
mistakes on your 1040 form make you ineligible for employment during the next year
Which of the statements below is TRUE about filing your taxes, assuming your only income comes from the salary you earn
you need to file your tax return by the end of the calendar year (typically December 31st)
if your employer takes out federal income taxes through payroll withholdings, you do not need to file a tax return
you must file your tax return by April 15th of the following year or request an extension by that date
you do not need to pay any income taxes until April 15th, so you should ask your company to wait until after that date to withhold any money
You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for federal and state income taxes?
W-2
1099
W-4
I-9
Which of the following paycheck withholdings puts money into a retirement investment fund that YOU will manage?
social security
medicare
401(k) contribution
federal income taxes
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 form am I? I am received when you start a job. You use me to prove that you are eligible to work in the US, and you must provide forms of identification when submitting me.
I-9
1099
1040
W-4
Elaine is an employee. Which of the following steps is she responsible for?
Complete a W-4
request a W-2 annually
send withholding amounts to the federal government
determine how much tax to withhold based on w-4 information
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-4
W-2
