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| Question | Answer |
|---|---|
| Briefly describe the purpose of taxes. | It's the government's income so the government can provide services that people want and need. |
| Medicare and Social Security are mandatory spending categories funded by which type of taxes that are withheld from your paycheck? | FICA |
| The federal income taxes that are withheld from your paycheck are used to pay for what? | discretinary spending |
| All of the following options are benefits we receive as a result of government spending EXCEPT… | credit card debt forgiveness |
| Which of the following are two mandatory categories of government spending that are paid for by FICA taxes? | social security and medicare |
| On a pay stub, the amount of money that is left after withholdings is known as… | net pay |
| Which statement best describes discretionary government spending? | A changing amount of money spent on different categories each year |
| Which of the following statements about the W-4 form is TRUE? (select all that apply) | This form is given to employees on their first day on the job The purpose of the form is to let employers know how much money to withhold from an employee's paycheck for taxes |
| Miguel has been working at his job for 3 years and already filled out a W-4 when he was first hired. This year, he just got married and is planning on filing his taxes jointly with his spouse. What should he do? | Request to fill out a new W-4 from his employer |
| You will need to include all of the following information on a W-4 form EXCEPT | earned income from prev job |
| You recently accepted a new job and your first day is next week. What form will you have to complete before you receive your first paycheck? | w-4 |
| You were unable to file your taxes before the April 15 deadline and your application for an extension was approved. By what date must you now file your taxes? | oct 15 |
| Which of the following statements most accurately describes why it’s important to correctly fill out a W-4 form? | It determines how much money is withheld from your paycheck and can result in under or overpayment of taxes if filled out incorrectly |
| TRUE or FALSE: Only U.S. citizens can be claimed as a dependent for tax purposes. | You can be a resident of canada or mexico, false |
| Which of the following people is/are legally required to file a tax return? | Greg, who can be claimed as a dependent and earned $14,200 last year Erin, who cannot be claimed as a dependent and earned $14,000 last year |
| The resource mentions that if the IRS owes you a refund, you won’t be penalized if you file your tax return late. Why might you want to file your tax return on time anyway? | So that you get your money, you also don't want to forget. |
| When filling out a W-4 form, in what situation would a teen want to claim exemption from federal income taxes being withheld from their paycheck? What is the benefit of doing so? | If you do not expect to make more than the minimum requirement. The benefit is that they will not take out income taxes from your paycheck |
| I am received in January There is one of me for every job you work You can tell how much you earned and how much you paid in taxes by reading me | w-2 |
| I am received in January You get me if you are not an employee, but were paid by a company You probably didn’t get taxes withheld if you got me, so you may have a big tax bill coming up | 1099 |
| I am completed every April Anyone can use me Beware, there is a LOT to fill out | 1040 |
| I am received whenever you start a job You list information about yourself and your family on me I determine how much money gets taken out of each paycheck | w-4 |
| I am received whenever you start a job You use me to prove that you are eligible to work in the U.S. You must provide forms of identification when submitting me | I-9 |
| First day of the calendar year. Your earnings for the year begin on this date. | jan 1st |
| Last day of the calendar year. Your yearly earnings are final after this date. | dec 31 |
| First day you can submit tax returns for the previous year, although you likely will not yet have your necessary W-2 or other necessary documents yet | jan 1 |
| Deadline for employers to mail W-2s to their employees (either by paper or electronically) If you do not receive your W-2 by __mid feb__________ , contact your employer If you worked multiple jobs in a year, you will receive multiple W-2s | jan 31 |
| Last day to submit income tax forms or to request an extension* | april 15 |
| oct 15 | Deadline for filing income tax returns that have received extensions |
Created by:
isabel777