WorksheetsTaxes
Total questions: 24
Worksheet time: 27mins
Mandatory government spending includes which of the following?
Infrastructure
Social Security and Medicare
Healthcare
Education
When do you start paying income taxes?
At age 18
With a full-time job only
When you earn more than the minimum required income
When the IRS notifies you
Why is it important to be careful when filling out your 1040 form?
A mistake will disqualify you from future refunds
The 1040 form decides if you owe taxes or get a refund
Filling it out wrong will change how much tax is withheld from your paychecks
Mistakes make you ineligible for employment next year
If your only income is salary from your employer, which statement about filing taxes is true?
You need to file your tax return by December 31st.
If your employer withholds federal income taxes, you do not need to file a tax return.
You must file your tax return by April 15th or request an extension by then.
You do not need to pay income taxes until April 15th, so ask your employer to wait to withhold taxes.
Which paycheck withholding puts money into a retirement fund you manage?
Social Security
Medicare
401(k) contribution
Federal income taxes
Which of these does NOT affect whether you need to file a federal tax return?
How much income did you earn this year?
What type of income did you earn this year?
What state do you live in?
Are you claimed as a dependent on anyone else's tax return?
Juanita earns $12/hour and works 50 hours a month. What is her approximate gross pay?
$120
$500
$600
$700
Juanita earns $600 a month and has $100 withheld for taxes. What is her approximate net pay?
$120
$500
$600
$700
What is Gross pay
Which statement about Mr. Khan's W-4 is TRUE?
Mr. Khan is filing as married filing jointly
Mr. Khan is requesting an additional $50 to be withheld
Mr. Khan submitted this W-4 two days after starting work
Mr. Khan will have less money withheld since he is claiming a dependent
Which statement about this W-2 form is true?
Avia Consulting will use this W-2 to file their 1040 form
James earned about $117,000 over the year based on the total of her Wages, Social Security wages, and Medicare wages
James paid state income taxes of $1,189.90
James works in the same city as Avia Consulting
If you overpaid your taxes and the government owes you money, that is called a __________.
withholding
direct deposit
deduction
refund
What was the net pay for this employee for this pay period?
$335.10
$400.00
$2,680.80
$3,200
How much was paid for Medicare in this pay period?
$5.80
$24.80
$44.50
$52.20
How often is the employee paid?
Daily
Every other week
Weekly
Monthly
Which of the following is true about using tax filing websites?
Filing your taxes using a website is always free
You are guaranteed a higher refund than using paper forms or a professional
If you owe money to the IRS, you get a discount for e-filing
You can avoid paying a professional, it's more accurate than doing it by hand, but you may have to pay a fee
What is a "dependent" for tax purposes?
A child or adult you support financially
Someone temporarily disabled
An adult who supports you financially
A full-time student under 30
If a taxpayer fills out their forms incorrectly, what is the most likely outcome after filing their taxes?
They will receive a refund
They will owe a payment to the IRS
They will be audited
They will be charged with tax evasion
Which statement about the W-2 form is TRUE?
A W-2 lists all the money you earned in cash last year
The total wages from ALL jobs appear on ONE W-2 form
You need a separate W-2 from EACH employer to file taxes
The W-2 includes information about interest from investments
Angel worked in Massachusetts during college and then moved to California for a full-time job. Which of the following statements is true?
Angel will need to file only a federal tax return
Angel will need to file a federal tax return and a state tax return for Massachusetts
Angel will need to file a federal tax return and a state tax return for both Massachusetts and California
Angel will need to file a federal tax return this year and file state returns the following year
Which of the following is true with regard to gross pay and net pay?
Net pay is gross pay minus savings.
Gross pay is usually less than net pay.
Net pay is gross pay minus deductions.
Net pay is gross pay plus Social Security contributions.
What is the difference between discretionary and mandatory spending
What is the deadline to file your tax return, and what can you do if you know you will miss that deadline?
