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What does the term "withholding" mean in reference to your paycheck?
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Why is it important to be extremely careful when completing your 1040 form?
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Fin lit
| Term | Definition |
|---|---|
| What does the term "withholding" mean in reference to your paycheck? | How much is being taken out of your paycheck for things like taxes, employer sponsored health insurance, and retirement |
| Why is it important to be extremely careful when completing your 1040 form? | The 1040 form determines whether you owe additional taxes or are entitled to receive a refund from the government |
| If your only income is salary paid by your employer, which of these statements about filing your taxes is true? | You must file your tax return by the deadline (typically April 15th of the following year) or request an extension by that date |
| 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 |
| Which of the statements about this W-4 is TRUE? | Mr. Khan’s paycheck will have less money withheld from his paycheck since he is claiming a dependent |
| Elaine just accepted a new job and is working with the company’s HR department to fill out paperwork. Which of the following steps is she responsible for? | Complete a W-4 form |
| 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 |
| Which of the following statements about this W-2 form is true? | Lily paid state income taxes of $1,189.90 |
| When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called a __________. | refund |
| Question #1 of 3: What was the net (or take-home) pay for this employee for this pay period? | $744.10 |
| Question #2 of 3: How much did this person pay towards Medicare in this pay period only? | $5.80 |
| Question #3 of 3: How frequently is this employee paid? | Weekly |
| Which of the following statements about the W-2 form is TRUE? | You need a separate W-2 form from EACH of your employers in order to file your taxes |
| As a result of completing the FAFSA, you get a student aid report that indicates your EFC is $10,000. What does this mean? | The government expects that your family can contribute about $10,000 to the cost of your education |
| Each of the following organizations offers grants to college students EXCEPT… | FAFSA |
| As you make decisions during college, you should focus on… | Balancing your academic, social, and financial decisions to make the most out of the entire experience while setting yourself up for success post-college |
| All of the following would show up on a credit report EXCEPT... | Salary of your current job |
| What strategy should you use to pay off multiple sources of debt if you want to pay the lowest amount of interest over time? | High rate method |
| What is the general timeline to establish your first credit score? | Six months after you first actively use your credit |
| Which best describes the Debt Snowball method for paying off debt? | Make the monthly minimum payments on all your debts, and then put any extra cash toward the debt with the lowest balance |
| Which response best completes the sentence "It's best to begin establishing credit when you're young because ________" ? | You will likely need a credit history to rent your first apartment, finance your first car, or open an unsecured credit card |
Created by:
moorem26