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15
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The W-4 form lets...
the 3 major credit bureaus know how many dependents you have
you know how much you paid in taxes last year
the government know how much you paid in taxes last year
your employer know how much to withhold from your paycheck
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thief
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25
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magnet
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gift
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lifesaver
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15
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Earned income is any money you make from things like interest and dividends.
False
True
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15
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True or False: All wages, tips, and bonuses are taxable unless specifically excluded.
True
False
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15
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What do you need to file your 1040 form?
Income of $50,000 or more
Your W-2
Your W-4
Your prior year's tax return
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15
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Which of the following is NOT a way you can file your taxes?
Mailing in a paper tax return to the Federal government
Through your employer's HR department
Through a tax professional
Using tax software like TurboTax
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15
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Each of the following things is true about the W-2 form EXCEPT...
It lets you know how much you earned last year
It lets you know how much was withheld from your paychecks
It contains information you'll need to fill out a 1040
You get 1 W-2 form every year, even if you had multiple jobs
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heart
Other team wins 20 points!
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rocket
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fairy
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25
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baam
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15
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Jess is 21, in college, & has a job that provides 65% of her support. Is she a dependent?
No
Yes
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15
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Which is TRUE if you do not pay your taxes?
You're more likely to be approved for low interst loans
Your credit score may be impacted
You owe twice as much the following year
You cannot go to jail (but you will be heavily fined)
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banana
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magnet
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fairy
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thief
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15
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If you owe taxes, which of the following is FALSE?
You can make a payment using cash
You can make a payment with a debit, but not credit card
You can delay your payment deadline
With an agreement, you can pay it in installments
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15
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By claiming "exempt" on the W-4 form...
You are saying that you do NOT meet the minimum income requirements to file
You are paying all income taxes upfront at the START of the year.
You are paying all income taxes at the END of the calendar year.
You are asking for a one year exemption from paying taxes
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15
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True or False: A teen's earned income can be reported on a parent's tax return.
True
False
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15
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Our tax money is spent on all of the following EXCEPT:
The Military
Private School Education
National Parks
Social Security
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15
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Jason filed his tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?
December 31st
January 1st of the next year
October 15th
April 15th
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