WorksheetsTaxcyle Quiz Review
Total questions: 20
Worksheet time: 10mins
What is the term for all taxable income you receive, including wages, salaries, and tips?
Tax Credit
Gross Income
Filing Status
Dependent
Which term defines the type of tax return an individual will use, primarily based on marital status?
Filing Status
Taxable Income
Exemption
Audit
What form details all 'non-employee' compensation, including for specific jobs like freelancers or contractors?
W-4
1099
Taxable Income
Filing Status
What is the term for the amount of income used to calculate an individual’s or company’s income tax due?
Taxable Income
Gross Income
Exemption
Filing Status
What is the term for an amount subtracted directly from the tax owed?
Tax Credit
Exemption
Filing Status
Gross Income
Which form is completed by an employee to indicate their tax situation to the employer, who then withholds the corresponding amount of taxes from each paycheck?
W-4
W-2
I-9
1099
Which form is primarily used to report annual wages and taxes withheld from an employee’s paycheck?
W-2
1099
I-9
Taxable Income
What is the term for the total income earned before any deductions or taxes are applied?
Gross Income
Taxable Income
Filing Status
Dependent
Which form is used to report non-employee compensation for freelancers or contractors?
1099
W-4
Tax Credit
Filing Status
What is the term for the process of reviewing a filer’s tax return for accuracy and compliance?
Audit
Tax Credit
Filing Status
Exemption
What is the term for the amount of money subtracted directly from the tax owed, reducing the total tax liability?
Tax Credit
Exemption
Filing Status
Gross Income
Which form is used by employers to verify an employee’s eligibility to work in the United States?
I-9
W-2
1040
Tax Credit
What is the difference between gross pay and net pay?
Net pay is before taxes and deductions are subtracted; Gross pay is your take-home pay
There is no difference between gross pay and net pay
Gross pay is before taxes and deductions are subtracted; Net pay is your take-home pay
Net pay and gross pay are calculated the same way
You will need to include all of the following information on a W-4 form EXCEPT…
Name and address
Earned income from previous job
Social Security number
Marital status
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?
May
October
December
January
On a pay stub, the amount of money that is left after withholdings is known as…
Gross pay
Net pay
Annual earnings
Wages and tips
Which of the following statements most accurately describes why it’s important to correctly fill out a W-4 form?
It determines how much money is withheld from your paycheck and can result in under or overpayment of taxes if filled out incorrectly
It is a legally binding contract between you and your employer that determines how much they pay you
If you pay the exact right amount in taxes, you receive a tax credit in the following year
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
All of the following people can be claimed as a dependent for tax purposes EXCEPT…
A 23 year old college student whose parents pay all of their expenses
A 17 year old high school student with a part-time job whose parents pay for all of their expenses
A 20 year old college student with a paid internship who pays for all of their own expenses
A 25 year old cousin with no job who has lived in your parent/guardian’s house for the last year
What is the purpose of the self-employment tax (SECA)?
To tax self-employed individuals a greater amount than regular employees since they’re more likely to make health insurance claims
To tax self-employed individuals a lesser amount than regular employees since they generally make less money
To tax self-employed individuals an equivalent amount for Social Security and Medicare since FICA taxes aren’t taken out of their paycheck
To tax self-employed individuals a flat amount since they don’t pay federal or state
