WorksheetsTaxes Quiz
Total questions: 17
Worksheet time: 27mins
IRS stands for
Internal Restitute Service
International Revenue System
Internal Revenue Service
International Response System
The official date for when taxes are due
January 15
February 15
April 15
January 31
Beth found out that she owed money to the IRS after filing her tax return. What is the most reasonable explanation as to why she owes money in taxes?
Too much money was withheld from her paychecks.
Not enough money was withheld from her paychecks.
The IRS is asking Beth for a future advance on her possible taxes for next year.
Beth didn't meet the minimum requirement for filing taxes
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
Your friend Evan is talking to you about the benefits of tax filing software. Which of the following is true?
The Software comes with free access to professionals who can help you if you have a question.
You can avoid the cost of having to pay a professional, though you may have to pay for the software and/or e-filing online.
You are guaranteed a higher refund than if you were to use a paper form or hire a professional.
You are 95% less likely to make a mistake when e-filing your taxes than if you were to file them using paper forms.
Which of the following statements about the W-2 form is TRUE?
A W-2 lists all the money you earned in cash over the last year
The total wages you earned from ALL jobs you worked in the previous year appear on ONE W-2 form
You need a separate W-2 form from each of your employers in order to file your taxes.
The W-2 includes information about the interest you earned from your investments.
Which is the BIGGEST tax that is taken out of your paycheck?
State Income Tax
Federal Income Tax
Social Security Tax
Health Insurance
When filing your taxes, you need to complete both State and Federal forms.
True
False
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
Which tax document would an independent contractor, streamer, or influencer receive to fill their taxes?
W-4
1099
W-2
1040
Which of the following describes an audit?
an amount of money that can be subtracted directly from the taxes you owe
an adjustment to the amount withheld from your paycheck based on marital status or number of dependents
an extended deadline to filing your income tax return
a detailed examination of your tax return by the IRS
Ava 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 primary difference between a tax credit and a tax deduction?
A tax credit directly reduces the amount of tax you owe, while a tax deduction reduces your taxable income.
A tax credit reduces your taxable income, while a tax deduction directly reduces the amount of tax you owe.
Both tax credits and tax deductions increase your refund by the same amount.
Tax credits only apply to individuals, while tax deductions apply to businesses.
What is a dependent for tax purposes?
Someone who financially supports you and claims you on their tax return.
An individual who relies on you for financial support and may qualify you for certain tax benefits.
Any person who files a tax return along with you.
An employer who provides your income and benefits.
Which of the following is NOT one of the five main filing statuses used when filing a federal tax return?
Single
Married Filing Jointly
Qualified Surviving Spouse
Head of Household
Married Filing Significantly
