By claiming "exempt" on the W-4 form...

You will NOT have income taxes withheld from your paycheck.

Which of the following things is TRUE about the W-2 form EXCEPT: - It contains information you'll need to fill out a 1040 - It lets you know how much you earned last year - It lets you know how much was withheld from your paychecks

You get 1 W-2 form every year, even if you had multiple jobs

Jason is 15 and earned $1450 at his job last summer. Should he file a tax return?

Yes, because he may get a refund.

Which of the following is NOT a way you can file your taxes? - Through a tax professional - Mailing in a paper tax return to the Federal government - Using tax software like TurboTax - Through your employer's HR department

Through your employer's HR department

If a teen files a tax return, can the parent still claim him/her as a dependent? Options: 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

Yes, as long as the teen meets the dependency requirements

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.

If you owe taxes, which of the following is FALSE? You can make a payment using cash, You can delay your payment deadline, With an agreement, you can pay it in installments, You can make a payment with a debit, but not credit card

You can make a payment with a debit, but not credit card

Which is TRUE if you do not pay your taxes? Options: 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

Your credit score may be impacted

What is the primary purpose of a W-2 form? Options: To report your total income for the year, To determine your tax refund amount, To inform your employer of your tax withholdings, To apply for tax deductions

To report your total income for the year

Mrs Jackson wants to know if she can claim her child as a dependent. Which of the following is true for a legal dependent? They must be a US citizen, They must have more than 50% support provided by her, They must not have any income, They must be very polite.

They must have more than 50% support provided by her

Why might someone file a tax return, even if they aren’t legally required to? Options: They can't. It's prohibited by law. To get back a refund of taxes withheld in their paychecks. Because it's super fun to file taxes. (This may be true, but don't select this one) Because I said so.

To get back a refund of taxes withheld in their paychecks.

When is the W-2 form typically issued by employers? Options: By January 31st of the following year., At the end of each quarter., By April 15th of the following year., Upon the employee's request at any time.

By January 31st of the following year.

What is the main difference between a W-2 and a W-4 form?

A W-2 form is for reporting annual wages and the amount of taxes withheld, while a W-4 form is used to determine the amount of taxes to withhold.

NGPF Taxes Unit Review Flashcards

Student preview

66 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Who primarily uses our tax money? Options: Your employer, Large corporations, Federal and state government, Local Businesses

Back

Federal and state government

2.

FLASHCARD QUESTION

Front

Our tax money is spent on all of the following EXCEPT: Social Security, The Military, National Parks

Back

Private School Education

3.

FLASHCARD QUESTION

Front

Which of the following is NOT a category in the Federal government's spending? Mandatory spending, Discretionary spending, Interest on loans issued, Interest on national debt

Back

Interest on loans issued

4.

FLASHCARD QUESTION

Front

Which of the following taxes is applied to wages, salaries, dividends, and interest earned? Corporate Income Tax, Income Tax, Estate Tax, Excise Tax

Back

Income Tax

5.

FLASHCARD QUESTION

Front

The W-4 form lets...

Back

your employer know how much to withhold from your paycheck

6.

FLASHCARD QUESTION

Front

Jess is 21, in college, & has a job that provides 65% of her support. Is she a dependent?

Back

No

7.

FLASHCARD QUESTION

Front

Miguel is 18, lives with his parents, and makes $30,450 per year. Is he a dependent?

Back

Yes

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