WorksheetsW-2s, W-4s, Dependents & Tax Tables (Review)
Total questions: 16
Worksheet time: 17mins
What is the purpose of a W-2 form?
To report your annual earnings and taxes withheld by your employer
To request an extension for tax filing
To report income from self-employment
To claim tax deductions
How does having dependents affect your tax return?
Increases the amount of taxes you owe
Has no effect on your taxes
May qualify you for additional tax credits
Reduces your filing status
What can result in a tax refund?
Owing taxes at the end of the year
Having too little tax withheld from your paycheck
Having too much tax withheld from your paycheck
Not filing a tax return
Jill is filing single and has a taxable income of $47,250. What does she owe in taxes for the year?
(a)
Jill is filing head of household and has a taxable income of $47,750. What does she owe in taxes for the year?
(a)
IRS stands for
Internal Revenge System
Internal Revenue Service
Inspection Ravioli Sauce
International Revenue System
Who completes and distributes the W2 form?
You
Your employer
Your city
Your parent
You will only get a tax refund if...
Your employer withheld more tax money than needed.
Your employer withheld less tax money than needed.
Your employer withheld nothing for you.
You ask very, very nicely.
FICA is both __________________ and _____________________?
Federal tax and Social Security
Federal tax, State tax
Social Security, Medicare
Wages, Taxes
When do you fill out your W4?
Start of job
Start of job + every year at the end of the year
Start of job + anytime you want to change it
Anytime
Jess is 21, a part-time college student, & has a job that provides 65% of her support. Is she a dependent?
Yes
No
Jason is 16 and earned $1450 at his job last summer. Should he file a tax return? (the minimum required to file is $14,600)
No, because he didn't earn enough.
No, because you have to be 18 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 forms is a summary of what you made & what you paid? Hint: You DON'T fill it out, but it IS needed in order to file your taxes
W2 Form
W4 Form
1040EZ
I9 Form
Someone who is supported by a taxpayer's income is called a(n) ___________
allowance
deduction
dependent
none of these
If you are not required to file a income tax return for the year, why might you do it anyway?
to make sure the IRS does not audit you
to see if you would get a refund
for fun
I wouldn't
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
