WorksheetsTax Form Completion Quiz
Total questions: 25
Worksheet time: 13mins
Why should you accurately complete a W-4 form any time you start a new job or change your tax status?
Your W-4 determines how much Federal income tax money your employer should withhold.
You need a copy of your W-4 to file your tax return annually.
Completing a W-4 will guarantee you receive a large tax refund.
Your W-4 determines your total tax bill at the end of the year.
On a pay stub, the amount of money that is left after withholdings is known as…
Gross pay
Wages and tips
Annual earnings
Net pay
All of the following are ways to pay any taxes you owe EXCEPT...
Make a payment directly from your bank account
Using your debit or credit card to make an online payment
Use an app or website like PayPal or Venmo
Sending a check
What does the term "withholding" mean in reference to your paycheck?
It is how much you are going to owe the government when you file your annual tax return.
It is how much is being taken out of your paycheck in taxes.
It is how much you earn and includes salary, bonus and commissions.
It is the amount of your paycheck that you are NOT being taxed on.
Which of the statements below is TRUE about filing your taxes, assuming your only income comes from the salary you earn at BigTech Company?
You need to file your tax return by the end of the calendar year (typically December 31st).
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.
If your employer takes out federal income taxes through payroll withholdings, you do not need to file a tax return.
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 income taxes?
W-4
1040
I-9
W-2
When determining whether you NEED to file a federal tax return, each of these questions matter EXCEPT...
What state do you live in?
Are you claimed as a dependent on anyone else's tax return?
How much income did you earn this year?
What type of income did you earn this year?
Which of the following statements about this W-2 is true?
Lily works in the same city that Avia Consulting is based in.
Lily paid state income taxes of $1,189.90.
Lily earned about $117,000 over the year based on the total of her Wages, Social Security wages, and Medicare wages.
Avia Consulting will use this W-2 to file their 1040 form.
What was the net (or take-home) pay for this employee for this pay period?
$250.35
$1,102.98
$1,353.33
$1,502.10
How much did this person pay towards Medicare in this pay period only?
$19.62
$83.91
$40.82
$106.00
What is the current deduction for Federal Withholding?
$19.62
$244.92
$40.82
$117.72
Upon completing your 1040, you realize that you owe the IRS $427. Each of the following is a possible way to pay the taxes you owe EXCEPT...
Set up an auto-transfer from your bank account if you e-file.
Use your debit or credit card online or by phone.
Write a check and mail it to the IRS.
Tell the IRS to take out more taxes next year to pay back the $427.
Which of the following statements about the W-2 form is TRUE?
The W-2 includes information about the interest you earned from your investments.
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.
A W-2 lists all of the money you earned in cash over the last year.
Which 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.
W-2
I-9
1040
W-4
If you do contract work for a company where you are not an employee, you may receive which tax form in the mail?
1099
1040
Schedule C
W-2
When is the W-2 form typically issued by employers?
By January 31st of the following year.
At the end of each quarter.
By April 15th of the following year.
Upon the employee's request at any time.
What is the purpose of the W-2 form?
To report your annual earnings and taxes withheld from your paycheck to the IRS.
To calculate your state taxes.
To itemize your deductions.
To report earnings from self-employment.
What information does a W-2 form include?
Your filing status and dependents.
The amount of money you've earned from self-employment.
The total amount of taxes withheld from your paycheck.
Your bank account information.
(Otherwise known as the "Employee's Withholding Allowance Certificate") is an Internal Revenue Service (IRS) tax form completed by an employee to indicate the taxes they want withheld from their pay.
W-2
W-4
I-9
Resume
Marquis earns $2,000 as a cashier at a fast food restaurant during his senior year of high school. He lives with his parents and they will claim him as a dependent on their taxes this year. Based on how he completed his W-4, his employer withheld $200 in federal income taxes from his paychecks. What will happen if Marquis doesn't file taxes in April?
The IRS will refund $200 directly to him.
Nothing will happen, but Marquis will miss out on his potential refund.
The IRS will refund his $200 to his parents.
The IRS will fine Marquis $75 or more for not filing taxes.
When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called a _______?
Direct Deposit
Withholding
Refund
Deduction
Elaine is an employee. Which of the following steps is she responsible for?
Request a W-2 annually
Determine how much tax to withhold based on W-4 information
Send withholding amounts to the federal government
Complete a W-4
Which 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.
1040
1099
I-9
W-4
Your friend Layla is talking to you about the benefits of tax filing software.
Which of the following is true?
You can avoid the costs of having to pay a professional, though you may have to pay for the software and/or e-filing online.
The software comes with free access to professionals who can help you if you have a question.
You are 50% less likely to make a mistake when e-filing your taxes than if you were to file them using paper forms.
You are guaranteed a higher refund than if you were to use a paper form or hire a professional.
Juanita has a part-time job that pays $12/hour and she works about
50 hours every month. Her withholdings are Social Security (6.2%),
Medicare (1.45%) and federal income tax (10%). What is her approximate net pay?
$700
$120
$500
$600
