Finance Final Review

Finance Final Review

12th Grade

44 Qs

quiz-placeholder

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Paycheck  Information

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Finance Final Review

Finance Final Review

Assessment

Quiz

Mathematics

12th Grade

Medium

Created by

Jami Bauer

Used 4+ times

FREE Resource

44 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

3 mins • 1 pt

Mandatory government spending includes which of the following?

Infrastructure and science

Social Security and Medicare

Healthcare and military

Education and agriculture

2.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

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

The amount of your paycheck that you are NOT being taxed on

How much you are going to owe the government when you file your annual tax return

How much you earn and includes salary, bonus and commissions

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

3.

MULTIPLE SELECT QUESTION

3 mins • 1 pt

When do you start paying income taxes?

When you turn 18

When you get a full-time job (part-time does not count)

When you make more than the minimum income requirement

When you are notified by the IRS that you are required to pay federal income taxes

4.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

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

Making a mistake will disqualify you from receiving future refunds

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

Completing the 1040 incorrectly will mean the wrong amount of taxes will be withheld from your paychecks going forward

Mistakes on your 1040 form make you ineligible for employment during the next year

5.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

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

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 the deadline (typically 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

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for taxes?

W-4

W-2

I-9

1040

7.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Which of the following paycheck withholdings puts money into a retirement investment fund that you will manage?

Social Security

Medicare

401(k) contribution

Federal income taxes

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