Pre-Review TurboTax

What is the difference between net pay and gross pay?

• Net pay is the money you earn in your paycheck BEFORE taxes are taken out

• Gross pay is the money you earn in your paycheck AFTER taxes are taken out

• Net pay is your take home pay, gross pay is the amount you make before taxes

• There isn't a difference between net pay and gross pay

What does standard deduction mean?

• The money that is deducted from each paycheck in taxes

• The amount of money you earn that is not included as taxable income

• The lump sum of money that US citizens must pay to the IRS

• Your filing status on your W2

What are the three different ways you can file your taxes? (Select all that apply)

• Electronically

• Paper/mail in

• Your employer can file them for you

• Tax Expert (CPA)

What is the current standard deduction for someone who files as "single" and can't be claimed as a dependent?

• Their annual income + 400

• $7000

• $25900

• $12950

What is an example of an electronic tax filing software program that you can use? (Select all that apply)

• Guided tax preparation from the IRS if you make 73,000 gross or less

• Turbotax

• Robinhood

• Forex