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Taxes and More about Taxes

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

What is received when you start a new job, info is listed about yourself and your family and determines the amount taken out of a paycheck?

a)
I-9 form
b)
W-2 form
c)
Social Security card
d)
W-4 form
2.

The first day you can mail in or submit your federal and state tax forms from the previous year.

a)
June 30th
b)
April 15th
c)

January 28th

d)
May 1st
3.

What is received in January, is given to someone who is not an employee but was paid by a company and probably doesn't have taxes withheld?

a)
1099 form
b)
Tax refund
c)
Paycheck
d)
W-2 form
4.

What is completed in April, can be used by anyone and there is a lot to fill out?

a)

1040 form

b)
Passport renewal form
c)
Driver's license application
d)
College application
5.

What is the last day of the calendar year, your earnings are final after this date?

a)
January 1st
b)
December 31st
c)
November 30th
d)
October 31st
6.

What is any income, wage or salary, that is generated by working called?

a)
Expense
b)
Savings
c)
Debt
d)
Income
7.

What is the set amount of money, per dependent, you can subtract from your taxable income?

a)
Child exemption
b)
Marriage exemption
c)
Dependent exemption
d)
Independent exemption
8.

When you start a new job you must do what?

a)
Refuse to participate in any training or orientation
b)

Complete an I-9 to indicate how much in taxes you want withheld

c)

Complete a W-4, indicating how much in taxes you want withheld

d)
Quit the job immediately
9.

The first date of the calendar year. Your earnings begin on this date.

a)
December 31st
b)
January 1st
c)
February 1st
d)
March 15th
10.

What is received in January, you have one for every job you work and I tell you how much is earned and how much is paid in taxes?

a)
W-9 form
b)
1099 form
c)
W-2 form
d)
W-4 form
11.

When is the deadline for employers to mail W-2s to their employees?

a)
February 28th
b)
January 31st
c)
March 15th
d)
December 31st
12.

A category that defines the type of tax return an individual will use, primarily based on marital status; it also determines the size of your tax bracket and how much of your income is taxable.

a)
Income tax percentage
b)
Tax bracket size
c)
Filing status
d)
Marital status
13.

What is employee claimed exemptions on the W-4 that determines how much of an employee's pay to withhold?

a)
Employee's birth month
b)

Number of allowances

c)
Employee's shoe size
d)
Employee's favorite color
14.

What is an inspection of a filer's tax return by the IRS?

a)
Examination
b)
Review
c)
Audit
d)
Investigation
15.

What is received when starting a new job, it proves someone is eligible to work in the U.S. and you must provide forms of identification when submitting?

a)
Social Security Card
b)
Birth Certificate
c)

I-9 form

d)
Passport
16.

What is the deadline for filing federal or state income tax forms that have received an extension?

a)
October 15th
b)
September 30th
c)
November 30th
d)
December 31st
17.

What is someone you financially support who can be "claimed" on a tax return to reduce your taxable income and lower your taxes called?

a)
self-sufficient
b)
non-reliant
c)
independent
d)
dependent or qualifying child
18.

The last day to e-file or mail federal income tax forms or request an extension is when?

a)
May 15th
b)
March 15th
c)

June 15th

d)

April 15th

19.

What is a profit from the sale of an asset, such as a stock or bond, calculated by subtracting the price initially paid from the prices it's sold for?

a)
Capital gain
b)
Net loss
c)
Dividend
d)
Interest income
20.

A standardized amount that reduces your taxable income, specifically for individuals who do not receive any additional benefit by itemizing their deductions.

a)
itemized deduction
b)
tax credit
c)
capital gain
d)
standard deduction