Taxes Quiz

Mandatory government spending includes which of the following?

• Infrastructure and science

• Social Security and Medicare

• Healthcare and military

• Education and agriculture

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

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

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

Which of the statements about this W-4 is TRUE?

• Mr. Khan is filing as married filing jointly

• Mr. Khan is requesting for an additional $50 to be withheld from his paycheck

• Mr. Khan submitted this W-4 two days after he started working at Little Company Inc.

• Mr. Khan’s paycheck will have less money withheld from his paycheck since he is claiming a dependent

What is the name of the tax form that requires you to provide identification and proves you are eligible to work in the U.S.?

• I-9

• 1099

• 1040

• W-4

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

• $335.10

• $400.00

• $2,680.80

• $3,200