Answer: The Question Doesn't Make Sense So I'll Try My Best
Which of the following are the 3 largest categories of federal government spending
Health, Military, and Interest on Debt
What does the term "withholding" mean about your paycheck?
It is how much is taken out of your paycheck in taxes
When do you start paying taxes?
When you make more than the minimum income requirement
Why is it important to be extremely careful when completing your 1040 form?
The 1040 form determines whether you owe additional taxes or are entitled to receive a refund from the government.
Which of the statements 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 April 15th of the following year or request an extension by that date.
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 federal and state income taxes?
W-4
Which of the following paycheck withholdings puts money into a retirement fund that you manage?
401(k) contribution
When determining whether you NEED to file a federal tax return, each of these questions matters EXCEPT...
What state you are in
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?
$500
Which of the following 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.
What form am I? I am received when you start a job. You use me to prove that you are eligible to work in the U.S., and you must provide forms of identification when submitting me.
I-9
Which of the following statements is true?
Lily paid state income taxes of 1,189.90
What was the net or take-home pay for this pay period
1,102.98
How much did this person pay towards medication in this pay period only
19.62
How frequently is this employee paid
monthly
Your friend Laila is talking to you about the benefits of tax filing software. Which of the following is true?
You can avoid the costs of having to pay for a professional, though you may have to pay for the software
Which of the following describes what a dependent is for tax purposes
Someone under the age of 19 who you financially support
Upon creating 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
Elaine is an employee. Which of the following steps is she responsible for?
Complete a W-4
Which of the following statements about the W-2 form is TRUE?
You need a separate W-2 form from EACH of your employers to file your taxes.
When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called
A refund
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.
Out of the following group, who does NOT have to file a tax return?
Max, whose total income from three separate part-time jobs was $9,500.
You will need to pay a 15.3% self-employment tax if you earn $1,100 in a year
Screen printing and selling custom-made t-shirts
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.
Identify two different forms of income that are taxable
Wages, salaries, tips, investment income, and meaned income.
What is the deadline to file your tax return?
April 15th
Give two reasons why someone would go to a tax professional (rather than using tax filing software or using paper forms) to file their tax return.
Could've had a major life change, might not feel comfortable doing them, may not have had the time doing it, or might have questions.
Jill is 16 years old and worked at her local grocery store over the summer earning $5,600. Is Jill legally required to file a tax return? If not, why should she?
a No, because she didn't make $5,900, however, she should file for a tax return so she can get the money back.
List two things the federal government spends your tax dollars on that you benefit from.
the Schools, roads, national parks, libraries, clean water, and air, and, the military.
Hope This Helps!