Taxes Question Preview (ID: 58369)

a) Infrastructure, Defense, and Science

b) Health, Military, and Interest on Debt

c) Veterans, Infrastructure, and Education

d)

a) It is how much is being taken out of your paycheck in taxes.

b) It is how much you are going to owe the government when you file your annual tax return.

c) It is how much you earn and includes salary, bonus and commissions.

d)

a) When you make more than the minimum income requirement

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

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

d)

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

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

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

d)

a) You need to file your tax return by the end of the calendar year (typically December 31st)

b) You must file your tax return by April 15th of the following year or request an extension by that date

c) 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 wit

d)

a) W-2

b) W-4

c) 1040

d)

a) Social Security

b) Medicare

c) 401(k) contribution

d)

a) How much income did you earn this year?

b) What type of income did you earn this year?

c) What state do you live in?

d) Are you claimed as a dependent on anyone else's tax return?

a) $120

b) $500

c) $600

d)

a) I-9

b) 1040

c) W-4

d)

a) You can avoid the costs of having to pay a professional, though you may have to pay for the software and/or e-filing online.

b) You are guaranteed a higher refund than if you were to use a paper form or hire a professional.

c) You are 50% less likely to make a mistake when e-filing your taxes than if you were to file them using paper forms.

d)

a) Someone who financially supports you

b) Someone who is a full-time student under the age of 30

c) Someone under the age of 19 who you financially support

d)

a) Write a check and mail it to the IRS.

b) Tell the IRS to take out more taxes next year to pay back the $427.

c) Use your debit or credit card online or by phone.

d) Set up a direct payment from your bank account.

a) Determine how much tax to withhold based on W-4 information

b) Request a W-2 annually

c) Complete a W-4

d)

a) The total wages you earned from ALL jobs you worked in the previous year appear on ONE W-2 form

b) The W-2 includes information about the interest you earned from your investments

c) You need a separate W-2 form from EACH of your employers in order to file your taxes

d)

a) withholding

b) direct deposit

c) refund

d)

a) Akshay will need to file only a federal tax return.

b) Akshay will need to file a federal tax return and a state tax return for Massachusetts.

c) Akshay will need to file a federal tax return and a state tax return for both Massachusetts and California.

d)

a) Janet, who earned $28,200 but was paid entirely in cash.

b) Max, whose total income from three separate part-time jobs was $9,500.

c) Dani, who is a cafe barista and earned $13,000 in wages and $250 in tips.

d)

a) Babysitting your cousin’s kids

b) Working at the local ice cream store

c) Screen printing and selling custom made t-shirts

d) Interning at a local design company

a) The IRS will refund his $200 directly to him.

b) The IRS will fine Marquis $75 or more for not filing taxes.

c) Nothing will happen, but Marquis will miss out on his potential refund.

d)