WorksheetsTax Terms
Total questions: 18
Worksheet time: 9mins
Ava received her paycheck and noticed the gross pay amount.
total amount before deductions and taxes
The amount you make per hour
total amount after deductions and taxes
The amount you owe in taxes
Priya received her paycheck and wants to know her Net Pay
total amount before deductions and taxes
The amount you make per hour
total amount after deductions and taxes
The amount you owe in taxes
1040
Form that you fill out when you start a job
Form that determines your ability to work (citizenship)
Form that shows how much you made the previous year
Form that is used to file your taxes.
I9
Form that you fill out when you start a job
Form that determines your ability to work (citizenship)
Form that shows how much you made the previous year
Form that is used to file your taxes.
W2
Form that you fill out when you start a job
Form that determines your ability to work (citizenship)
Form that you receive that shows your wages for the year
Form that is used to file your taxes.
W4
Form that you fill out when you start a job
Form that determines your ability to work (citizenship)
Form that you receive that shows your wages for the year
Form that is used to file your taxes.
David, who is a college student, relies on his parents for income and care. What is David considered as?
Parent
Dependent
Teacher
Student
Medicare
Program the provides food for low income people
Program that provides medical care for elderly and disabled
Program that provides retirement income to elderly and disabled
Program that lowers the tax rate for retired people.
Michael is planning for his retirement and wants to understand Social Security.
Program the provides food for low income people
Program that provides medical care for elderly and disabled
Program that provides retirement income to elderly and disabled
Program that lowers the tax rate for retired people.
Charlotte is reviewing her paycheck and notices a deduction labeled FICA. What does this deduction fund?
Taxes that help build state schools
Taxes that fund Social Security and Medicare
Taxes that fund state police
Ethan is reviewing his tax return and notices a tax credit. What does this mean?
Amount subtracted from taxes owed
Amount subtracted from your income
Amount that the government owes you if you overpay on taxes.
Amount you pay in taxes each year
Tax Deduction
Amount subtracted from taxes owed
Amount subtracted from your taxable income
Amount that the government owes you if you overpay on taxes.
Amount you pay in taxes each year
Grace received a tax refund.
Amount subtracted from taxes owed
Amount subtracted from your taxable income
Amount that the government owes you if you overpay on taxes.
Amount you pay in taxes each year
What is the purpose of a 401(k) plan?
To provide health insurance for employees
To offer a retirement savings plan for employees
To fund educational expenses for employees' children
To provide unemployment benefits
What is a tax bracket?
A category that determines the amount of tax you owe based on your income
A form you fill out to apply for a tax refund
A deduction you can claim for charitable donations
A penalty for late tax payments
What is the main function of the IRS?
To provide loans to small businesses
To collect taxes and enforce tax laws
To manage the national budget
To regulate the stock market
Which of the statements about the W2 form is true
Avia Consulting will use the W2 to file their 1040
James earned about 117,000 over the year based on her total taxable income
James paid state income tax of $1,189.90
James works in the same city as Avia Consulting
Which was the net pay for this employee for the pay period?
$335.10
$400.00
$2680.80
$3200.00
