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WorksheetsTaxes - Summer Quiz
Total questions: 20
Worksheet time: 11mins
Name
Class
Date
1.
1. When do you start paying income taxes?
a)
When you turn 18
b)
When you get a full-time job (part-time does not count)
c)
When you make more than the minimum income requirement
d)
When you are notified by the IRS that you are required to pay federal income taxes
2.
2. Why is it important to be extremely careful when completing your 1040 form?
a)
Making a mistake will disqualify you from receiving future refunds
b)
The 1040 form determines whether you owe additional taxes or are entitled to receive a refund from the government
c)
Completing the 1040 incorrectly will mean the wrong amount of taxes will be withheld from your paychecks going forward
d)
Mistakes on your 1040 form make you ineligible for employment during the next year
3.
3. Which of the following paycheck withholdings puts money into a retirement investment fund that you will manage?
a)
Social Security
b)
Medicare
c)
401(k) contribution
d)
Federal income taxes
4.
4. When determining whether you NEED to file a federal tax return, each of these questions matters EXCEPT…
a)
How much income did you earn this year?
b)
What type of income did you earn this year?
c)
What state do you live in?
d)
Are you claimed as a dependent on anyone else's tax return?
5.
5. Elaine just accepted a new job and is working with the company’s HR department to fill out paperwork. Which of the following steps is she responsible for?
a)
Determine how much tax to withhold from her paychecks based on W-4 information
b)
Complete a W-4 form
c)
Send withholding amounts to the federal government
d)
Complete a W-2 form
6.
6. What is the name of the tax form that requires you to provide identification and proves you are eligible to work in the U.S.?
a)
I-9
b)
1099
c)
1040
d)
W-4
7.
7. Which of the following statements about this W-2 form is true?
a)
Avia Consulting will use this W-2 to file their 1040 form
b)
James earned about $117,000 over the year based on the total of her Wages, Social Security wages, and Medicare wages
c)
James paid state income taxes of $1,189.90
d)
James works in the same city that Avia Consulting is based in
8.
8. When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called a __________.
a)
withholding
b)
direct deposit
c)
deduction
d)
refund
9.
9. Question #1 of 3: What was the net (or take-home) pay for this employee for this pay period?
a)
$335.10
b)
$400.00
c)
$2,680.80
d)
$3,200
10.
10. Question #2 of 3: How much did this person pay towards Medicare in this pay period only?
a)
$5.80
b)
$24.80
c)
$44.50
d)
$52.20
11.
11. Your friend Laila is talking to you about the benefits of tax filing websites. Which of the following is true?
a)
Filing your taxes using a website is always free of charge
b)
You are guaranteed a higher refund than if you were to use a paper form or hire a professional
c)
If you owe money to the IRS, you receive a discount if you e-file use a tax filing website
d)
You can avoid the costs of having to pay a professional, though you may have to pay for e-filing online
12.
12. Which of the following describes what a "dependent" is for tax purposes?
a)
A child or adult that you support financially
b)
Someone who is temporarily disabled
c)
An adult who financially supports you
d)
Someone who is a full-time student under the age of 30
13.
13. If a taxpayer fills out their W-4 in a way that does not withhold enough money to cover their tax obligation, what is the most likely outcome after they file their taxes?
a)
They will receive a refund
b)
They will owe a payment to the IRS
c)
They will be audited
d)
They will be charged with tax evasion
14.
14. Which of the following statements about the W-2 form is TRUE?
a)
A W-2 lists all the money you earned in cash over the last year
b)
The total wages you earned from ALL jobs you worked in the previous year appear on ONE W-2 form
c)
You need a separate W-2 form from EACH of your employers in order to file your taxes
d)
The W-2 includes information about the interest you earned from your investments
15.
15. All of the following people would be required to file a tax return EXCEPT…
a)
Janet, who earned $28,200 but was paid entirely in cash
b)
Max, whose total income from three separate part-time jobs was $9,500
c)
Isaiah, who owns his own business and generated an income of $7,000
d)
Dani, who is a cafe barista and earned $13,000 in wages and $1,250 in tips
16.
According to the IRS, Social Media Influencers are considered _____
a)
Part-time Employees
b)
Independent Contractors
c)
Freelance Employees
d)
Side Hustlers
17.
Elaine just accepted a new job and is working with the company’s HR department to fill out paperwork. Which of the following steps is she responsible for?
a)
Determine how much tax to withhold from her paychecks based on W-4 information
b)
Complete a W-4 form
c)
Send withholding amounts to the federal government
d)
Complete a W-2 form
18.
What is the deadline for filing your federal income tax return for the 2023 tax year?
a)
April 15, 2024
b)
May 1, 2024
c)
April 30, 2024
d)
July 15, 2024
19.
What is the consequence of not filing a tax return by the deadline without an approved extension?
a)
No consequence
b)
A late filing penalty
c)
A reduction in future tax refunds
d)
An increase in tax rate
20.
Withholding too much in taxes will result in:
a)
owing money during tax season
b)
a tax refund
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