Financial Math - Unit on Taxes

Which tax form is used  to provide information about your previous year's pay and deductions from that year?

• W2
• W4
• 1040A
• 1099-INT

Who is responsible for providing the W2 form?

• You
• Your Employer
• Your bank
• The IRS

Which tax form is used to tell your employer the amount of allowances you will be claiming?

• W2
• W4
• 1040EZ
• 1099-INT

When is a W4 form filled out?

• Right before you file your taxes
• When you quit a job
• When you start a job

Who is responsible for filling out a W4 form?

• You
• Your employer
• Your Bank
• The IRS

When is tax day?

• January 1st
• April 1st
• April 15th
• December 31st

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

• it is the amount of your paycheck that you are NOT being taxed on

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

• it is how much you are going to owe the government when you file your annual tax return

• it is how much you earn and includes salary, bonus and commissions

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

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.

• I-9

• 1099

• 1040

• W-4

When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called a

• withholding

• direct deposit

• deduction

• refund