Beth found out that she owes money to the IRS after filing her tax return. What is the most reasonable explanation as to why she owes money in taxes?

Not enough money was withheld from her paychecks.

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

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

When do you start paying taxes?

When you make more than the minimum income requirement

Your friend Lailia is talking to you about the benefits of tax filing software. Which of the following is true? The Software comes with free access to professionals who can help you if you have a question. You can avoid the cost of having to pay a professional, though you may have to pay for the software and/or e-filing online. You are guaranteed a higher refund than if you were to use a paper form or hire a professional. You are 50% less likely to make a mistake when e-filing your taxes than if you were to file them using paper forms.

You can avoid the cost of having to pay a professional, though you may have to pay for the software and/or e-filing online.

What is a "dependent" for tax purposes?

Someone under the age of 19 who you financially support.

Upon completing your 1040, you realize that you owe the $427. Each of the following is a possible way to pay the taxes you owe EXCEPT... Write a check and mail it to the IRS. Tell the IRS to take out more taxes next year to pay back the $427. Use your debit or credit card online or by phone. Set up an auto-transfer from your bank account if you e-file.

Tell the IRS to take out more taxes next year to pay back the $427.

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.

You need a separate W-2 form from each of your employers in order to file your taxes.

The difference between taking the standard deduction and itemizing deductions is that...

The standard deduction is a fixed dollar amount while itemized deductions can be many smaller amounts added up.

Filing Taxes Flashcards

Student preview

20 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Which form do you need to file your taxes?

Back

W-2

2.

FLASHCARD QUESTION

Front

Which form do you need to file your taxes?

Back

1040

3.

FLASHCARD QUESTION

Front

IRS stands for

Back

Internal Revenue Service

4.

FLASHCARD QUESTION

Front

The official date for when taxes are due

Back

April 15

5.

FLASHCARD QUESTION

Front

When you receive a new job, you are mandated to file a

Back

W-4

6.

FLASHCARD QUESTION

Front

When you are ready to file for taxes you must have form

Back

W-2

7.

FLASHCARD QUESTION

Front

When filing for taxes, the government will inform you if you receive or pay the government. This is called

Back

Tax return

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Continue with Google

Continue with Email

Continue with Classlink

Continue with Clever

or continue with

Microsoft

Apple

Others

Already have an account?

Similar Resources on Wayground

15 questions

Sleep and Dreams - AP Psychology

Flashcard

•

12th Grade - University

15 questions

To Kill a Mockingbird Chapter 7

Flashcard

•

11th Grade

15 questions

Information Society and the Evolution of Writing

Flashcard

•

11th Grade

15 questions

Anatomy Review

Flashcard

•

12th Grade

10 questions

Essential Statistics Concepts

Flashcard

•

12th Grade

10 questions

R2.3 How Far? Le Chatelier's Principle

Flashcard

•

12th Grade

10 questions

High Note 2. Unit 1. Test your vocabulary

Flashcard

•

10th Grade

Popular Resources on Wayground

7 questions

History of Valentine's Day

Interactive video

•

4th Grade

15 questions

Fractions on a Number Line

Quiz

•

3rd Grade

20 questions

Equivalent Fractions

Quiz

•

3rd Grade

25 questions

Multiplication Facts

Quiz

•

5th Grade

$fractions$

22 questions

fractions

Quiz

•

3rd Grade

15 questions

Valentine's Day Trivia

Quiz

•

3rd Grade

20 questions

Main Idea and Details

Quiz

•

5th Grade

20 questions

Context Clues

Quiz

•

6th Grade

Discover more resources for Financial Education

18 questions

Valentines Day Trivia

Quiz

•

3rd Grade - University

20 questions

-AR -ER -IR present tense

Quiz

•

10th - 12th Grade

21 questions

Presidents Day Trivia

Quiz

•

6th - 12th Grade

10 questions

Valentine's Day: History and Modern Celebration

Interactive video

•

9th - 12th Grade

11 questions

Valentine's Day Trivia

Quiz

•

8th - 12th Grade

10 questions

Factor Quadratic Expressions with Various Coefficients

Quiz

•

9th - 12th Grade

10 questions

Evaluating Piecewise Functions Practice

Quiz

•

11th Grade

18 questions

Success Strategies

Quiz

•

9th - 12th Grade