WorksheetsThe Tax Cycle and Job Paperwork Exit Ticket
Total questions: 6
Worksheet time: 3mins
Name
Class
Date
1.
1. You recently accepted a new job and your first day is next week. What form will you have to complete before you receive your first paycheck?
a)
W-2
b)
1040
c)
1099
d)
W-4
2.
2. You were unable to file your taxes before the April deadline and your application for an extension was approved. What month was your deadline extended to?
a)
May
b)
October
c)
December
d)
January
3.
3. Which of the following statements most accurately describes why it’s important to correctly fill out a W-4 form?
a)
It determines how much money is withheld from your paycheck and can result in under or overpayment of taxes if filled out incorrectly
b)
It is a legally binding contract between you and your employer that determines how much they pay you
c)
If you pay the exact right amount in taxes, you receive a tax credit in the following year
d)
If you underpay your taxes, you’ll be responsible for additional penalties beyond your normal tax obligation
4.
All of the following people can be claimed as a dependent for tax purposes EXCEPT…
a)
A 23 year-old college student whose parents pay all of their expenses
b)
A 17 year-old high school student with a part-time job whose parents pay for all of their expenses
c)
A 20 year-old college student with a paid internship who pays for all of their own expenses
d)
A 25 year-old cousin with no job who has lived in your parent/guardian’s house for the last year
5.
You are required to file a tax return in all of the following scenarios EXCEPT…
a)
You made $25,000 working a full-time job
b)
You made $3,000 from investments in the stock market
c)
You were self-employed and made $2,500
d)
You made $9,000 working a part-time job
6.
What is the purpose of the self-employment tax (SECA)?
a)
To tax self-employed individuals a greater amount than regular employees since they’re more likely to make health insurance claims
b)
To tax self-employed individuals a lesser amount than regular employees since they generally make less money
c)
To tax self-employed individuals an equivalent amount for Social Security and Medicare since FICA taxes aren’t taken out of their paycheck
d)
To tax self-employed individuals a flat amount since they don’t pay federal or state
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