Taxes Review

Front

What does the term "withholding" mean in reference to your paycheck?

Back

It is how much is being taken out of your paycheck in taxes.

Front

When do you start paying taxes?

Back

When you make more than the minimum income requirement

Front

What is the key difference between Net Pay and Gross Pay?

Back

Net pay is the total amount of money you get AFTER taxes are deducted.

Front

If Jason filed his tax return and owes money, when should he pay this amount by to avoid a fee?

Back

April 15th

Front

True or False: All wages, tips, and bonuses are taxable unless specifically excluded.

Back

True

Front

Why is it important to be extremely careful when completing your 1040 form?

Back

it determines whether you owe additional taxes or are entitled to receive a refund from the government

Front

Which form will determine how much money is withheld from your paycheck for federal and state income taxes? Options: W-2, 1099, W-4, I-9

Back

W-4

Front

What form am I? I am received when you start a job. You use me to prove that you are eligible to work in the US, and you must provide forms of identification when submitting me.

Back

I-9

Front

What tax form is received in January, with one for every employer worked for in the previous year, containing information on earnings and taxes paid for the previous calendar year?

Back

W-2

Front

Are roads, police, schools, governmental agencies, fire and emergency services all funded by taxes?

Back

True