your employer know how much to withhold from your paycheck

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

it is how much is being taken out of your paycheck in taxes

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

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

Which of the statements below is TRUE about filing your taxes, assuming your only income comes from the salary you earn: you need to file your tax return by the end of the calendar year (typically December 31st), if your employer takes out federal income taxes through payroll withholdings, you do not need to file a tax return, you must file your tax return by April 15th of the following year or request an extension by that date, you do not need to pay any income taxes until April 15th, so you should ask your company to wait until after that date to withhold any money

you must file your tax return by April 15th of the following year or request an extension by that date

Wages are computed by...

Multiplying hourly rate by number of hours worked

What does it mean to claim a dependent on your taxes?

a person who relies on someone else financially (i.e. children or the elderly)

Which statement best describes discretionary government spending?

A changing amount of money spent on different categories each year.

All of the following people can be claimed as a dependent for tax purposes EXCEPT… A 23 year old college student whose parents pay all of their expenses A 17 year old high school student with a part-time job whose parents pay for all of their expenses A 25 year old cousin with no job who has lived in your parent/guardian’s house for the last year

A 20 year old college student with a paid internship who pays for all of their own expenses

You are required to file a tax return in all of the following scenarios EXCEPT… You made $25,000 working a full-time job You made $3,000 from investments in the stock market You were self-employed and made $2,500 You made $9,000 working a part-time job

You made $9,000 working a part-time job

All of the following people should receive W-2 forms EXCEPT… Edgar, who works 10 hours/week cleaning pools for $15/hour at WeCleanPools Melinda, who works 40 hours/week at a local ice cream shop during the summer Marcus, who is on salary as a sales representative at a shoe store, working full-time Serena, who is a freelance wedding photographer

Serena, who is a freelance wedding photographer

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

You will NOT have income taxes withheld from your paycheck.

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

Yes, because he may get a refund.

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

Yes, as long as the teen meets the dependency requirements

Which is TRUE if you do not pay your taxes? Options: You owe twice as much the following year, You cannot go to jail (but you will be heavily fined), You're more likely to be approved for low interest loans, Your credit score may be impacted

Your credit score may be impacted

all of the following qualifies someone as a dependent except which one? The person must be a U.S. citizen, a U.S. national, U.S. resident, or a resident of Canada or Mexico., Qualifying child Your child must be under age 19 or, if a full-time student, under age 24. The child can be your son, daughter, stepchild, eligible foster child, brother, sister, half brother, half sister, stepbrother, stepsister, adopted child or an offspring of any of them., Qualifying relative Your relative must live at your residence all year You must provide more than half of your relative’s total support each year., you no longer pay for half their financial support, or they’ve moved out of the house.

you no longer pay for half their financial support, or they’ve moved out of the house.

NGPF TAXES Flashcards

Student preview

48 questions

Show all answers

1.

FLASHCARD QUESTION

Front

When do you start paying taxes?

Back

When you make more than the minimum income requirement

2.

FLASHCARD QUESTION

Front

Jessie did not meet the minimum income requirement to file a tax return. What is one reason for why she should file a tax return anyway?

Back

She could potentially get a refund for the taxes that were withheld from her paycheck.

3.

FLASHCARD QUESTION

Front

Which of the following does the Federal government spend a LARGE portion of taxpayer money on? Education, Military, Transportation, Science

Back

Military

4.

FLASHCARD QUESTION

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.

5.

FLASHCARD QUESTION

Front

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

Back

Private School Education

6.

FLASHCARD QUESTION

Front

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

Back

April 15th

7.

FLASHCARD QUESTION

Front

Also known as take home pay, this is the amount left after all payroll deductions have been taken from the gross income

Back

net pay

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