Taxes Test Review

Front

Which form will determine how much money is withheld from your paycheck for federal and state income taxes? Options: W-2, W-4, I-9, 401(k)

Back

W-4

Front

What was the net (or take-home) pay for this employee for this pay period?

Back

1102.98

Front

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

Back

The money taken from your earnings and sent to the IRS to pre-pay your taxes.

Front

How much did this person pay towards Medicare in this pay period only?

Back

19.62

Front

How frequently is this employee paid?
Options: Daily, Weekly, Every other week, Monthly

Back

Monthly

Front

Elaine is an employee. Which step is she responsible for? Determine how much tax to withhold based on W-4 information, Complete a W-4, Send withholding amounts to the federal government, Request a W-2 annually

Back

Complete a W-4

Front

When must you file a tax return?

Back

When you have income greater than the minimum income requirement

Front

Which of the following statements about this W-2 is true? Lily's withholdings were $4,768.50, Lily works in the same city that Avia Consulting is based in, Lily earned about $117,000 over the year based on the total of her Wages, Social Security wages, and Medicare wages, Avia Consulting will use this W-2 to file their 1040 form

Back

Lily's withholdings were $4,768.50

Front

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

Back

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

Front

Which of the following describes a "dependent" for tax purposes?
- Someone under the age of 19 who you financially support
- Someone who is temporarily disabled
- Someone who financially supports you
- Someone who is a full time student under the age of 30

Back

Someone under the age of 19 who you financially support