WorksheetsTaxes Test
Total questions: 30
Worksheet time: 21mins
Which form shows your total wages and withholdings for the previous year?
W-1
W-2
W-3
W-4
Which form do you need to file your taxes?
1040
4010
1004
4001
The official date for when taxes are due
January 15
February 15
April 15
July 15
When you receive a new job, you are mandated to file a
Complaint
Divorce
W-4
1099
When you are ready to file for taxes you must have form
W-2
W-6
WD40
W-2484
When filing for taxes, the you will either receive money or have to pay in. Receiving money means you get a...
Tax write-off
Taxation
Tax return
Tax exemption
Beth found out that she owes 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.
She didn't work enough
What does the term "withholding" mean in reference to your paycheck?
The amount of your paycheck that you are NOT being taxed on.
The amount of money taken out of your paycheck in taxes.
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.
When do you start paying taxes?
When you turn 18
Once you get a job with taxes taken out of your paycheck
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
Which of the following describe what a "dependent" is for tax purposes?
Someone under the age of 19 who you financially support who lives with you
Someone who is temporarily disabled
Someone who financially supports you
Someone who is a full-time student under the age of 30.
Upon completing your 1040, you realize that you owe the $427. Each of the following is a possible way to pay the taxes you owe EXCEPT...
Write a check and mail it to the IRS.
Tell the IRS to take out more taxes next year to pay back the $427.
Use your debit or credit card online or by phone.
Set up an auto-transfer from your bank account if you e-file.
Elaine is an employee. Which of the following steps is she responsible for?
Determine how much tax to withhold based on W-4 information
Complete a W-4
Send withholding amounts to the federal government
Request a W-2 annually
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-@ 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
Why is it important to be extremely careful when completing your 1040 form?
Making even mone mistake on your federal taxes can result in your being convicted of a crime
The 1040 form determines whether you owe additional taxes or are entitled to receive a refund from the government.
Completing the 1040 incorrectly will mean the wrong amount of taxes will be withheld from your paychecks going forward
Mistakes on your 1040 from make you ineligible for employment during the next year
Which of the statements below is TRUE about filing your taxes, assuming only income comes from the salary you earn at Big Tech Company?
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.
What is the difference between gross pay and net pay?
There is no difference
Net pay is before taxes and deductions are subtracted; Gross pay is your take-home pay
Gross pay is before taxes and deductions are subtracted;Net pay is your take-home pay
Which of the following are two mandatory categories of government spending that are paid for by FICA taxes?
Military and Education
Health and Veterans' Benefits
Housing and Transportation
Social Security and Medicare
The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called ________.
Gross pay
Year-to-date pay
Net pay
Total pay
How much medicare tax was withheld?
$2,691
$40,254
$584
$3,125
What was Boris's gross annual income for 2020?
$65, 000
$130, 000
$2300
What is the total amount of Jose’s deductions for this paycheck?
$104.48
$104.84
$68.39
None of the above
How much is their net pay?
458.80
360.41
11.47
98.39
Which of the following is NOT a type of tax that might be withheld from your paycheck?
State Income Tax
Social Security Tax
Property Tax
Federal Income Tax
What information is typically found on a pay stub?
Your credit score
Your annual tax return
Gross pay, net pay, and tax withholdings
Only your net pay
What is the deadline for employers to send out W-2 forms to their employees?
January 31
February 15
March 1
April 15
Which of the following is considered taxable income?
Gifts from family members
Life insurance payouts
Lottery winnings
Child support payments
What is the main function of the IRS?
To collect taxes and enforce tax laws
To set interest rates for loans
To provide financial advice to taxpayers
To manage the federal budget
