WorksheetsTax and Finance Quiz
Total questions: 28
Worksheet time: 25mins
The form you fill out when you get a job for taxes to be pulled from your paycheck is called...
W4
I-9
How much did this person pay towards Medicare in this pay period only?
$5.80
$24.80
$44.50
$52.20
A document that comes with your paycheck, showing how much you were paid and how much was withheld for taxes.
budget
transfer
pay stub
net pay
Match the following
All of the following people would be required to file a tax return EXCEPT...
Janet, who earned $28,200 but was paid entirely in cash
Max, whose total income from three separate part-time jobs was $9,500
Isaiah, who owns his own business and generated an income of $7,000
Dani, who is a cafe barista and earned $13,000 in wages and $1,250 in tips
What is a simple definition of personal finance?
The study of government economies
Managing a company's finances
Managing your money, including saving and investing
The process of borrowing money from banks
Why is it important to be extremely careful when completing your 1040 form?
Making a mistake will disqualify you from receiving future refunds
The 1040 form determines whether you owe additional taxes or are entitled to receive a refund from the government
Completing the 1040 incorrectly will mean the wrong amount of taxes will be withheld from your paychecks going forward
Mistakes on your 1040 form make you ineligible for employment during the next year
When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called a __________.
withholding
direct deposit
deduction
refund
When determining whether you NEED to file a federal tax return, each of these questions matters EXCEPT...
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?
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.?
I-9
1099
1040
W-4
Which of the following statements about the W-2 form is TRUE?
A W-2 lists all the money you earned in cash over the last year
The total wages you earned from ALL jobs you worked in the previous year appear on ONE W-2 form
You need a separate W-2 form from EACH of your employers in order to file your taxes
The W-2 includes information about the interest you earned from your investments
What was the net (or take-home) pay for this employee for this pay period?
$335.10
$400.00
$2,680.80
$3,200
When do you start paying income taxes?
When you turn 18
When you get a full-time job (part-time does not count)
When you make more than the minimum income requirement
When you are notified by the IRS that you are required to pay federal income taxes
Your friend Laila is talking to you about the benefits of tax filing websites. Which of the following is true?
Filing your taxes using a website is always free of charge
You are guaranteed a higher refund than if you were to use a paper form or hire a professional
If you owe money to the IRS, you receive a discount if you e-file use a tax filing website
You can avoid the costs of having to pay a professional, though you may have to pay for e-filing online
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?
Determine how much tax to withhold from her paychecks based on W-4 information
Complete a W-4 form
Send withholding amounts to the federal government
Complete a W-2 form
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?
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 of the following paycheck withholdings puts money into a retirement investment fund that you will manage?
Social Security
Medicare
401(k) contribution
Federal income taxes
Match the following
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 form do you get every year from your employers that help you file your income tax return?
W4
W2
1040
Which of the following describes what a 'dependent' is for tax purposes?
A child or adult that you support financially
Someone who is temporarily disabled
An adult who financially supports you
Someone who is a full-time student under the age of 30
Which of the following statements 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 that Avia Consulting is based in
What do you need to file your 1040 form?
Your W-2
Your 1099 form
Your bank statement
Your credit report
Match the following Tax Forms
Which of the following is not a required deduction?
Federal Income Tax
Savings Deposits
State tax
Social security Tax
What was the TOTAL amount deducted from Hope's latest paycheck?
$90.00
$284.79
$315.21
$600.00
What was the largest deduction for this pay period?
FICA Medicare Tax
FICA Social Security Tax
Federal Tax
NC State Tax
About how frequently does Hope receive a paycheck?
Daily
Weekly
Every two weeks
Monthly
