Give me THIS ONE
I THINK MAYBE HERE
PERHAPS I HAVE GOOD LUCK
Shot in the dark
Good luck with this one
100
- Mandatory government spending includes which of the following?
- Infrastructure and science
- Social Security and Medicare
- Healthcare and military
- Education and agriculture
- Social Security and Medicare
100
- 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
- How much is being taken out of your paycheck for things like taxes, employer sponsored health insurance, and retirement
100
- 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
- When you make more than the minimum income requirement
100
- 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
- The 1040 form determines whether you owe additional taxes or are entitled to receive a refund from the government
100
- Select the type of tax system that best fits the following description: “High income earners pay a higher percentage of their income in taxes than low income earners.”
- Progressive
- Regressive
- Proportional
- Redistributive
- Progressive
200
- 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
- W-4
200
- Which statement correctly describes taxable income?
- Taxable income is the sum of all income a person earns
- Taxable income is always equal to or greater than a person's gross income
- Taxable income is gross income minus deductions and exemptions
- Taxable income includes all personal expenses and investments
- Taxable income is gross income minus deductions and exemptions
200
- When determining whether you NEED to file a federal tax return, each of these questions matters EXCEPT…
- How much income did you earn this year?
- What type of income did you earn this year?
- What state do you live in?
- Are you claimed as a dependent on anyone else's tax return?
- What state do you live in?
200
- Juanita has a part-time job that pays $12/hour and works about 50 hours every month. Her withholdings are Social Security (6.2%), Medicare (1.45%) and federal income tax (10%). What is her approximate net pay?
- $120
- $500
- $600
- $700
- $500
200
- 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
- Mr. Khan’s paycheck will have less money withheld from his paycheck since he is claiming a dependent
300
- 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?
- Determine how much tax to withhold from her paychecks based on W-4 information
- Complete a W-4 form
- Send withholding amounts to the federal government
- Complete a W-2 form
- Complete a W-4 form
300
- 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
- I-9
300
- Which of the following statements about this W-2 form is true?
- Avia Consulting will use this W-2 to file their 1040 form
- James earned about $117,000 over the year based on the total of her Wages, Social Security wages, and Medicare wages
- James paid state income taxes of $1,189.90
- James works in the same city that Avia Consulting is based in
James paid state income taxes of $1,189.90
300
- When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called a __________.
- withholding
- direct deposit
- deduction
- refund
- refund
300
Answer the next three questions using the pay stub below.
- Question #1 of 3: What was the net (or take-home) pay for this employee for this pay period?
- $335.10
- $400.00
- $2,680.80
- $3,200
- $335.10
400
Answer the next three questions using the pay stub below.
- Question #2 of 3: How much did this person pay towards Medicare in this pay period only?
- $5.80
- $24.80
- $44.50
- $52.20
- $5.80
400
Answer the next three questions using the pay stub below.
- Question #3 of 3: How frequently is this employee paid?
- Daily
- Every other week
- Weekly
- Monthly
- Weekly
400
- Your friend Laila is talking to you about the benefits of tax filing websites. Which of the following is true?
- Filing your taxes using a website is always free of charge
- You are guaranteed a higher refund than if you were to use a paper form or hire a professional
- If you owe money to the IRS, you receive a discount if you e-file use a tax filing website
- You can avoid the costs of having to pay a professional, though you may have to pay for e-filing online
- You can avoid the costs of having to pay a professional, though you may have to pay for e-filing online
400
- Jessica is 16 years old and earned $1,100 through her photography side gig. Her parents can claim her as a dependent on their tax return. All of the following statements are true EXCEPT…
- Jessica is required to file an income tax return
- Jessica should expect to receive a W-2 in January
- Jessica is required to pay a 15.3% self-employment tax
- Jessica can file her own tax return even though her parents are claiming her as a dependent
- Jessica should expect to receive a W-2 in January
400
- Which of the following describes what a "dependent" is for tax purposes?
- A child or adult that you support financially
- Someone who is temporarily disabled
- An adult who financially supports you
- Someone who is a full-time student under the age of 30
- A child or adult that you support financially
500
- What is the main difference between tax deductions and tax credits?
- Tax deductions are available for all taxpayers, while tax credits are only for specific groups
- Tax deductions lower taxable income, while tax credits reduce the amount of tax owed directly
- Tax deductions are for personal expenses, whereas tax credits can only be used for business expenses
- Tax deductions and tax credits are the same; both reduce the amount of tax owed dollar for dollar
- Tax deductions lower taxable income, while tax credits reduce the amount of tax owed directly
500
- Which of the following statements about the W-2 form is TRUE?
- A W-2 lists all the money you earned in cash over the last year
- The total wages you earned from ALL jobs you worked in the previous year appear on ONE W-2 form
- You need a separate W-2 form from EACH of your employers in order to file your taxes
- The W-2 includes information about the interest you earned from your investments
- You need a separate W-2 form from EACH of your employers in order to file your taxes
500
- Akshay worked at a cafe while he was a college senior in Boston, Massachusetts. After graduating in June, he moved back to his home in California and started a full-time job in September. Which of the following statements is true?
- Akshay will need to file only a federal tax return
- Akshay will need to file a federal tax return and a state tax return for Massachusetts
- Akshay will need to file a federal tax return and a state tax return for both Massachusetts and California
- Akshay will need to file a federal tax return this year and file state returns the following year
- Akshay will need to file a federal tax return and a state tax return for both Massachusetts and California
500
- Which of the following best describes the difference between tax avoidance and tax evasion?
- Tax avoidance involves the use of illegal methods to reduce your tax obligation, while tax evasion involves the use of legal methods to do the same thing
- Tax avoidance is when you report income from multiple sources, while tax evasion only involves a single income
- Tax avoidance is the legal use of tax laws to reduce the tax someone owes, while tax evasion is the illegal act of not paying taxes due
- Tax avoidance is when you request an extension to file your tax return, while tax evasion is when you fail to file your tax return altogether
- Tax avoidance is the legal use of tax laws to reduce the tax someone owes, while tax evasion is the illegal act of not paying taxes due
500
- Marquis is starting a fast food job during his senior year of high school. He lives with his parents and they will claim him as a dependent on their taxes this year. He earns $2000. Based on how he completed his W-4, his employer withheld $200 in federal income taxes from his paychecks. What will happen if Marquis doesn't file taxes in April?
- The IRS will refund his $200 directly to him
- The IRS will refund his $200 to his parents
- The IRS will fine Marquis $75 or more for not filing taxes
- Nothing will happen, but Marquis will miss out on his potential refund
- Nothing will happen, but Marquis will miss out on his potential refund