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

You will NOT have income taxes withheld from your paycheck.

What is NOT true about the W-2 form?

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

Should Jason, who is 15 and earned $1450 last summer, 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?

Yes, as long as the teen meets the dependency requirements

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

What happens if you do not pay your taxes?

Your credit score may be impacted

What is a withholding?

How much is being taken out of your paycheck for things like taxes, employer sponsored health insurance, and retirement

When do you start paying income taxes?

When you make more than the minimum income requirement

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

The 1040 form determines whether you owe additional taxes or are entitled to receive a refund from the government.

If your only income is salary paid by your employer, which of these statements about filing your taxes is true?

You must file your tax return by the deadline (typically April 15th of the following year) or request an extension by that date.

Why will Mr. Khan's paycheck have less money withheld?

Mr. Khan’s paycheck will have less money withheld from his paycheck since he is claiming a dependent.

Which of the following statements about this W-2 form is true?

James paid state income taxes of $1,189.90.

What is a true benefit of using tax filing websites?

You can avoid the costs of having to pay a professional, though you may have to pay for e-filing online.

Jessica is 16 years old and earned $1,100 through her photography side gig. Her parents can claim her as a dependent on their tax return. All of the following statements are true EXCEPT...

Jessica should expect to receive a W-2 in January

What is a "dependent" for tax purposes?

A child or adult that you support financially

If a taxpayer fills out their W-4 in a way that does not withhold enough money to cover their tax obligation, what is the most likely outcome after they file their taxes?

They will owe a payment to the IRS

Akshay worked at a cafe while he was a college senior in Boston, Massachusetts. After graduating in June, he moved back to his home in California and started a full-time job in September. Which of the following statements is true? What tax returns will Akshay need to file?

Akshay will need to file a federal tax return and a state tax return for both Massachusetts and California.

All of the following people would be required to file a tax return EXCEPT... Janet, who earned $28,200 but was paid entirely in cash Max, whose total income from three separate part-time jobs was $9,500 Isaiah, who owns his own business and generated an income of $7,000 Dani, who is a cafe barista and earned $14000 in wages and $250 in tips.

Max, whose total income from three separate part-time jobs was $9,500

What will happen if Marquis doesn't file taxes in April?

Nothing will happen, but Marquis will miss out on his potential refund.

What is the deadline to file your tax return, and what can you do if you know you will miss that deadline?

April 15; file for an extension

Your friend Alice is a full-time college student, earned $4,000 working at the campus bookstore over two semesters last calendar year, and also got a part-time job as a cashier in February, earning $11,500. Does Alice need to file taxes this year?

Yes, Alice will need to file taxes this year because she meets the minimum income requirement to file ($14,600 for filing year 2024).

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 You need a separate W-2 form from EACH of your employers in order to file your taxes The total wages you earned from ALL jobs you worked in the previous year appear on ONE W-2 form 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

Taxes Unit Review Flashcards Flashcards

Student preview

50 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Who primarily uses our tax money?

Back

Federal and state government

2.

FLASHCARD QUESTION

Front

Our tax money is spent on all of the following EXCEPT: Social Security, The Military, Private School Education, 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 tax is applied to wages, salaries, dividends, and interest earned?

Back

Income Tax

5.

FLASHCARD QUESTION

Front

What does the W-4 form let your employer know?

Back

How much to withhold from your paycheck

6.

FLASHCARD QUESTION

Front

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

Back

No

7.

FLASHCARD QUESTION

Front

What item would you DEFINITELY see on a paystub?

Back

Gross Pay

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