What is the deadline for you to receive your W-2 from your employer?

Any time you request it in writing

Which of the statements below is TRUE about filing your taxes, assuming your only income comes from the salary you earn at BigTech Company?

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

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

If your employer takes out federal income taxes through payroll withholdings, you do not need to file a tax return

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

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

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.

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

James paid state income taxes of $1,189.90

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 works in the same city that Avia Consulting is based in

Upon completing your 1040, you realize that you owe the IRS $427. Each of the following is a possible way to pay the taxes you owe EXCEPT...

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

Write a check and mail it to the IRS.

Use your debit or credit card online or by phone.

Set up a direct payment from your bank account.

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 a federal tax return and a state tax return for both Massachusetts and California.

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 this year and file state returns the following year.

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?

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

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.

Grace has decided to e-file her taxes this year. Why should she file her state and Federal taxes together through the same software?

Grace will have just one submission ID, which makes it less likely that the state will reject her state tax return.

Both tax returns are actually reviewed by the Federal government, so filing them together expedites the process.

If she files them together, she's more likely to receive a larger refund or get a tax credit.

A majority of e-filing software companies provide a significant discount if you file both returns together.

Why should you accurately complete a W-4 form any time you start a new job or change your tax status?

Your W-4 determines how much Federal income tax money your employer should withhold

You need a copy of your W-4 to file your tax return annually

Your W-4 determines your total tax bill at the end of the year

Completing a W-4 will guarantee you receive a large tax refund

Jay filed his taxes and found out he owes money. What is the most reasonable explanation as to why he owes money in taxes?

Not enough money was withheld from his paychecks.

Too much money was withheld from his paychecks.

When filing his taxes, Jay accidentally checked “Married filing jointly” instead of “Single”.

The IRS is asking Jay for a future advance on his possible taxes for next year.

Which of the following people might want to claim EXEMPT on their W-4 form?

Stacey, who is 16 and expects to earn $7,500 from her part-time job.

John, who is 20 and expects to earn $13,300 from his internship.

David, who is 23 and expects to earn $15,000 from his part-time job.

Hannah, who is 25 and expects to earn $55,000 from her full-time job.

Tamara found out that she owes $3,200 in taxes. She cannot afford to pay the entire amount right now, so she is going to arrange an installment plan with the IRS. What is the one thing that Tamara should be prepared for?

She will pay more than $3,200 because she will be paying additional money in interest with each payment.

She'll have to redo her tax return so that she can note she'll be using an installment plan.

Her credit score may decrease because of her inability to pay back the total she owes to the IRS.

She will have to meet an earlier tax filing deadline next year in case she owes money again.

Which of the statements about the current U.S. tax system is TRUE?

Our current system is described as being a progressive system because it imposes higher rates on those who earn more.

Your friend tells you his marginal tax rate is 22%. That means that he pays 22% on all of his income.

Everyone in the US who makes more than the minimum income requirement pays one flat tax rate.

Our current system is described as being a regressive system because it imposes higher rates on those who earn less.

Jeremy just started a new job and completed his W-4 form. Who should he submit it to?

No one - he keeps it for his records

What penalty might you face if you fail to file a tax return?

You are charged 5% of the amount you owe every month.

You are charged 10% of the amount you owe every month.

You could go to jail for up to 6 months.

You are charged an additional processing fee for the tax returns you file in the next 5 years.

Which of the following statements about marginal and effective tax rates is TRUE?

Marginal rate is based on your total income and determines what tax bracket you are in, while effective rate is the average tax rate on your entire income.

Marginal rate is the average tax rate on your entire income, while effective rate is based on your total income and determines what tax bracket you are in.

Marginal rate is the total amount of money you paid in taxes last year, while effective rate is the refund amount you received last year.

Marginal rate and effective rate can be used interchangeably, as they mean the same thing.

Who is legally required to file a tax return? (Note: All of the following people can be claimed as a dependent.)

Risha, who earned $14,600 from her internship.

Madison, who earned $350 from her cake business.

Matthew, who received $800 in investment income.

Greg, who earned $1,250 from his part-time job.

Samantha was able to lower her overall tax burden by directly reducing the amount of money she owes to the IRS. Which of the following most likely explains what happened?

She claimed EXEMPT on her W-4 form.

She is considered a household employee, and is therefore exempt from self-employment taxes.

When people refer to "Tax Day" they mean...

April 15, the typical deadline to file your taxes

January 1, the first day of the calendar year

December 31, the last day to earn income and have it count toward that tax year

Whatever day your tax refund comes in the mail

Which statement about filing a tax return is FALSE?

Filing with a tax professional is the best option for those people whose tax situation has remained the same and is relatively simple.

Paper filing your tax return is free, but it takes a lot longer to process and get back a refund if you are owed one.

People who are unfamiliar with filing taxes can still use e-filing software, because there is usually access to support if they need it.

Filing with a tax professional is often the method that is most susceptible to scams.

A dependent is someone who...

relies on someone else to provide more than half of their financial support.

relies on someone else to provide a quarter or less of their financial support.

is able to fully financially support themself.

provides financial support for someone else.

When you sit down to file your 1040 form, which document(s) should you have in front of you?

Checking account statements from last year

Which of the following high schoolers would be considered a self-employed contractor?

Kelly, who makes homemade jewelry in her spare time and sells them through her online store.

Amy, who babysits during the week and weekends.

Shrini, who mows lawns for his neighbors after school.

Joel, who delivers his neighborhood's newspapers on weekday mornings.

Which is a type of EARNED income?

Retirement Account Distributions

If someone asks you what your “tax bracket” is, they are asking about your marginal tax rate which is…

The tax rate you pay on your last dollar of income

The total amount of money you paid in taxes last year

The refund amount on your last tax return

The average tax rate you pay on your entire income

Unit Review (Taxes)

Authored by Mark Caza

Mathematics

9th - 12th Grade

CCSS covered

Used 13+ times

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46 questions

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MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which person should expect to receive a W-2 form from their employer by January 31st, 2024?

Marcy, who has sold handcrafted vases online for the past 5 years

Jose, whose first job started on January 10, 2024

Arnie, who did an unpaid internship in summer 2022 for ESPN

Kelly, who has worked for the same department store for the last 15 years

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

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

It is the amount of your paycheck that you are NOT being taxed on.

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

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

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

When do you start paying income tax?

When you turn 18

When you make more than the minimum income requirement

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

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

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

What is the difference between gross pay and net pay?

Gross pay is before taxes and deductions are subtracted; Net pay is your take-home pay.

Net pay is before taxes and deductions are subtracted; Gross pay is your take-home pay.

There is no difference between gross and net pay.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

What does FICA consist of?

Health Insurance

Social Security & Medicare

Federal & State Taxes

Employer Sponsored Retirement

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

How do employers figure out how much federal income tax to withhold from your paycheck?

It is set by a federal regulation at 7.65%

It is based on your previous year's tax return

It is based on the information you have provided on your I-9 form

It is based on the information you have provided on your W-4 form

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Sarah and her brother Steve both make the exact same amount of money, but they are paying a different amount in taxes. What is one reason why Sarah and Steve might pay different amounts?

They use different online tax filing systems.

Steve is older than Sarah.

They live in different states.

Sarah filed her tax return earlier than Steve.

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Unit Review (Taxes)

Which person should expect to receive a W-2 form from their employer by January 31st, 2024?

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

When do you start paying income tax?

What is the difference between gross pay and net pay?

What does FICA consist of?

How do employers figure out how much federal income tax to withhold from your paycheck?

Sarah and her brother Steve both make the exact same amount of money, but they are paying a different amount in taxes. What is one reason why Sarah and Steve might pay different amounts?

What is the first day of the calendar year? Your earnings for the year begin on this date.

What is the deadline for you to receive your W-2 from your employer?

Which of the statements below is TRUE about filing your taxes, assuming your only income comes from the salary you earn at BigTech Company?

Access all questions and much more by creating a free account

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