Taxes Test

Parks, roads, police, schools, governmental agencies, fire, and emergency services are all funded by taxes.

• True

• False

When is a W-4 form filled out?

• When you file your taxes

• When you quit a job

• Before you start work at a new job

The W-4 forms lets...

• your employer know how much to withhold from your paycheck

• you know how much you paid in taxes last year

• the government know how much you paid in taxes last year

• the 3 major credit bureaus know how many dependents you have

If you claim "Exempt" on the W-4 form....

• You are paying all income taxes upfront at the START of the year.

• You are saying that you do NOT meet the minimum income requirements to file and will NOT have taxes withdrawn

• You are paying all income taxes at the END of the calendar year

Jay is 15 and earned $1,425 at his job last summer. Should he file a tax return?

• Yes, you must file taxes even if you didn't earn much.

• No, because you have to be 16 or older to file taxes.

• No, because he didn't earn enough.

• Yes, because he may get a refund.

Rita earned $1,190 at her part-time job, and $410 from cutting grass in the summer, cash. Which is TRUE?

• She will report her total income as $1,600

• She will report her total income as $1,190

• She will report her total income as $410

• Rita is required to file a tax return

You are required to file a tax return if you make over $_______, no matter your age.

• $12, 400

• $12,900

• $12,000

• $12,700

Which 2 choices are TRUE about earned income and unearned income?

• Earned is any money you make in interest, dividends, etc.

• Unearned is how much you make from a job

• Earned is how much you make from a job

• Unearned is any money you make in interest, dividends, etc.

Our tax money is spent on all of the following EXCEPT:

• National Parks

• Social Security

• Private School Education

• The Military

• Public School

If you claim Exempt on your W-4 you will still have to pay these taxes (pick 2).

• Federal Taxes

• Social Security Taxes

• State Taxes

• Medicare Taxes