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WorksheetsW-4 and Taxes
Total questions: 16
Worksheet time: 8mins
The amount of taxes employers withhold is based on what two things?
how much money an employee earns
the information provided on the W-4 form
How many employees are in the workforce
How much you will rely on social security benefits
Which of these taxes is not withheld from your paycheck?
Federal and state taxes (if your state has state taxes)
Social security taxes
Real estate taxes
Medicare taxes
The money you have left after you pay your taxes and bills is called?
Disposable Income
Gross Income
Federal withholding Income
Exemption Income
When an employee starts a new job, which is legally required to be completed?
a blood test
a W-4 form
prepayment of taxes for the first three months
a complete driver’s license check
The W-4 form is used by employers to determine:
the amount of money an employee should be earning.
the amount of money an employee should be saving from each paycheck.
future retirement money to be saved.
the amount of money to be withheld from an employee to pay taxes.
What form do you complete proving you're a citizen of the U.S.?
W-2
W-4
WD40
I-9
What are 2 of the taxes withheld from your paycheck?
Sales tax
Federal income tax
FICA
Estate tax
What form authorizes an employer to electronically deposit your paycheck into your bank account?
Health authorization form
Direct deposit enrollment
W-4 Withholding certificate
401k Enrollment
What is a dependent in tax terms?
A business that receives government subsidies
A person who files taxes independently
A homeowner who pays property taxes
A person who relies on another for financial support
What should you do with your W-4 form after you fill it out?
Mail it to the IRS for approval
File it with your state tax return for the appropriate tax year
Submit it to your employer so they can withhold the correct amount of taxes
File it with your federal tax return for the appropriate tax year
What is the amount you pay each pay period to maintain health insurance coverage?
Dependent
Premium
Exemption
Allowance
What does FICA consist of?
Federal income tax and state income tax
Social Security tax and Medicare tax
Property tax and sales tax
Unemployment tax and disability tax
What tax is designed to supplement a worker's retirement?
Social Security
Sales tax refunds
Unemployment benefits
Property tax deductions
Co insurance and copay are the same thing
true
false
Your salary is the fixed amount you get paid per year
true
false
Your beneficiary is the person who receives your money when you pass away
true
false
