Taxes

Federal Taxes

100

When do you start paying income taxes?

1. When you turn 18
2. When you get a full-time job (part-time does not count)
3. When you make more than the minimum income requirement
4. When you are notified by the IRS that you are required to pay federal income taxes

200

Mandatory government spending includes which of the following?

1. Infrastructure and science

2. Social Security and Medicare

3. Healthcare and military

4. Education and agriculture

300

Which of the following describes what a "dependent" is for tax purposes?

1. A child or adult that you support financially
2. Someone who is temporarily disabled
3. An adult who financially supports you
4. Someone who is a full-time student under the age of 30

400

If a taxpayer fills out their W-4 in a way that does not withhold enough money to cover their tax obligation, what is the most likely outcome after they file their taxes?

1. They will receive a refund
2. They will owe a payment to the IRS
3. They will be audited
4. They will be charged with tax evasion

500

Justen 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?

1. Justen will need to file only a federal tax return
2. Justen will need to file a federal tax return and a state tax return for Massachusetts
3. Justen will need to file a federal tax return and a state tax return for both Massachusetts and California
4. Justen will need to file a federal tax return this year and file state returns the following year

Paycheck Taxes

100

What does the term "withholding" mean in reference to your paycheck?

1. The amount of your paycheck that you are NOT being taxed on
2. How much you are going to owe the government when you file your annual tax return
3. How much you earn and includes salary, bonus and commissions
4. How much is being taken out of your paycheck for things like taxes, employer sponsored health insurance, and retirement

200

Which of the following paycheck withholdings puts money into a retirement investment fund that you will manage?

1. Social Security
2. Medicare
3. 401(k) contribution
4. Federal income taxes

300

Hannah 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…  

1. Hannah is required to file an income tax return
2. Hannah should expect to receive a W-2 in January
3. Hannah is required to pay a 15.3% self-employment tax
4. Hannah can file her own tax return even though her parents are claiming her as a dependent

400

Which statement best describes discretionary government spending?

1.  A fixed amount of money spent on the same categories every year.

2. The money used to pay for Social Security and Medicare.

3. A changing amount of money spent on different categories each year.

4. Money that you determine how it is spent by the government when you submit your taxes.

500

Caroline 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?

1. $120
2. $500
3. $600
4. $700

Forms

100

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?

1. W-4
2. W-2
3. I-9
4. 1040

200

Why is it important to be extremely careful when completing your 1040 form?

1. Making a mistake will disqualify you from receiving future refunds
2. The 1040 form determines whether you owe additional taxes or are entitled to receive a refund from the government
3. Completing the 1040 incorrectly will mean the wrong amount of taxes will be withheld from your paychecks going forward
4. Mistakes on your 1040 form make you ineligible for employment during the next year

300

All of the following are found on a W-2 form EXCEPT:

1. Wages, tips, and other compensation

2. Federal and state tax withheld

3. Sales tax paid

4. FICA taxes withheld

400

Shameer 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?

1. Determine how much tax to withhold from her paychecks based on W-4 information
2. Complete a W-4 form
3. Send withholding amounts to the federal government
4. Complete a W-2 form

500

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.?

1. I-9
2. 1099
3. 1040
4. W-4

Filing Your Taxes

100

When determining whether you NEED to file a federal tax return, each of these questions matters EXCEPT…

1. How much income did you earn this year?
2. What type of income did you earn this year?
3. What state do you live in?
4. Are you claimed as a dependent on anyone else's tax return?

200

Your friend Giselle is talking to you about the benefits of tax filing websites. Which of the following is true?

1. Filing your taxes using a website is always free of charge
2. You are guaranteed a higher refund than if you were to use a paper form or hire a professional
3. If you owe money to the IRS, you receive a discount if you e-file use a tax filing website
4. You can avoid the costs of having to pay a professional, though you may have to pay for e-filing online

300

When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called a __________.

1. withholding
2. direct deposit
3. deduction
4. refund

400

If your only income is salary paid by your employer, which of these statements about filing your taxes is true?

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

2. If your employer takes out federal income taxes through payroll withholdings, you do not need to file a tax return
3. You must file your tax return by the deadline (typically April 15th of the following year) or request an extension by that date
4. 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 withhold any money

500

All of the following people would be required to file a tax return EXCEPT…

1. Kevin, who earned $28,200 but was paid entirely in cash
2. Thomas, whose total income from three separate part-time jobs was $9,500
3. Jack, who owns his own business and generated an income of $7,000
4. Sam, who is a cafe barista and earned $13,000 in wages and $250 in tips

Paystub

100

On a paystub, the amount that is left after withholdings is known as ...

1. Gross pay

2. Net pay

3. Annual earnings

4. Wages and tips

200

You must file a return if your net earnings (your income minus your expenses) from self-employment were ________ or more.

1. $400

2. $1

3. $1,250

4. $13,850

300

If you're looking to pay as little as possible to file your taxes but you're worried about making mistakes, which tax preparation method would be your best option?

1. Do-it-yourself paper filing

2. Online tax preparation service

3. Hiring a tax professional

4. Requesting the IRS complete your taxes for you

400

Which of the following statements about the W-2 form is TRUE?

1. A W-2 lists all the money you earned in cash over the last year
2. The total wages you earned from ALL jobs you worked in the previous year appear on ONE W-2 form
3. You need a separate W-2 form from EACH of your employers in order to file your taxes
4. The W-2 includes information about the interest you earned from your investments

500

Christian 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?

1. The IRS will refund his $200 directly to him
2. The IRS will refund his $200 to his parents
3. The IRS will fine Christian $75 or more for not filing taxes
4. Nothing will happen, but Christian will miss out on his potential refund

Pop Culture

100

Who are the current judges of American Idol?

Lionel Richie, Katy Perry, and Luke Bryan

200

How many Mission Impossible movies have been made?

Seven so far, with an eighth one slated for release in 2025

300

What is the most-viewed video on YouTube?

Baby Shark, with 14.1 billion views.

400

What movie is this line from: "You're going to need a bigger boat"?

Jaws

500

What singer holds the record for most Grammy nominations?

Beyoncé, who has 88 nominations. This includes the nine Grammys she was nominated for as a member of Destiny's Child.