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WorksheetsTaxes Review Cards
Total questions: 20
Worksheet time: 20mins
Jason is 15 and earned $1450 at his job last summer. Should he file a tax return?
No, because he didn't earn enough.
No, because you have to be 16 and older to file taxes.
Yes, because he may get a refund.
Yes. You must file taxes even if you didn't earn enough.
Isaiah has a summer internship at a technology company and is paid $3,000. After Federal and state taxes, Social Security, and Medicare are deducted, his take-home pay is $2,500. Which of the statements below is correct?
His gross pay is $2,500 and net pay is $3,000
His gross and net pay are $3,000
His gross and net pay are $2,500
His gross pay is $3,000 and net pay is $2,500
Who primarily uses our tax money?
Your employer
Large corporations
Federal and state government
Local Businesses
How does a taxpayer determine their tax bracket?
By calculating their total deductions
By assessing their total taxable income
By evaluating their total number of dependents
By reviewing their total number of exemptions
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
Which of the following taxes is applied to wages, salaries, dividends, and interest earned?
Corporate Income Tax
Income Tax
Estate Tax
Excise Tax
What item would you DEFINITELY see on a paystub?
Retirement
Healthcare
Gross Pay
Your occupation/role
The $5,000 received from a lottery win is considered
income that must be included on the person's income tax return.
income that does not have to be included on the person's income tax return.
a gift that does not have to be included on the person's income tax return.
a loan that has to be repaid and not included on the person's income tax return.
Which of the following is considered taxable income?
Child support payments
Life insurance proceeds
Gifts from family
Lottery winnings
If a teen files a tax return, can the parent still claim him/her as a dependent?
Yes. All teens are dependents until they are 18 years old
No. If a teen files a tax return, he/she cannot be claimed
Yes, as long as the teen meets the dependency requirements
Yes, but the parent has to add the teen's income to theirs
The amount of money you're paid, after all taxes and deductions are taken out of your paycheck is called ________.
Gross pay
Net pay
Total pay
Year-to-date pay
Which is TRUE if you do not pay your taxes?
You owe twice as much the following year
You're more likely to be approved for low interest loans
You cannot go to jail (but you will be heavily fined)
Your credit score may be impacted
Jason filed his tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?
April 15th
October 15th
December 31st
January 1st of the next year
What is the term for the total amount of money you earn before any deductions or taxes are taken out?
Net pay
Gross pay
Take-home pay
Taxable income
True or False: You must report cash income, such as babysitting or lawn mowing, on your tax return.
True
False
Luisa earned $1,200 at her part-time job, and $500 from babysitting in cash. Which is TRUE?
She will report her total income as $1,700.
She will report her total income as $1,200.
She will report her total income as $500.
Luisa is required to file a tax return.
Which form do you use to report your annual income to the IRS?
1099
W-4
1040
W-2
