econ test
What do you need to begin filling out your 1040?
All W-2s & Social Security Number
After completing her Form 1040 Income Tax information, Maria discovers that a refund is due. Why would a refund occur?
Maria's employer withheld too much income tax from her paycheck last year.
Taxes that are withheld from a typical paycheck include income tax, Social Security tax (FICA), and
Medicare tax.
One can claim a dependent at any age, just as long as the dependent is reliant on over 50% or more of the head of the households income.
True
True or False: Even if you don't need to file, you may want to, because you could be eligible for a tax refund.
True
The date each year that is the deadline for filing federal income taxes for the previous year
What is April 15th?
The date that your employer must send out/mail your W-2 forms.
What is January 31st?
One of the official documents that U.S. taxpayers can use to file their annual income tax return in which they may receive a refund or owe money to the IRS.
What is a 1044 Form?
A form that reports the amount of federal, state and other taxes withheld from your paycheck. The IRS requires employers to report wage and salary information for employees on this form.
What is a W-2 Form?
The form that lets your employer know how much to withhold from your paycheck
What is a W-4 Form?
The Internal Revenue Service routinely collects individual income taxes from employers through a system of __________
Withholding
In the U.S., income taxes are collected by the
Internal Revenue Service (IRS).
About how frequently does Hope receive a paycheck?
Bi-weekly
Charlie Brown is 15, still lives at home with his parents, and earned $1450 at his job last summer at the pet store. Should he file a tax return?
False
Harry Potter is 21, in college, & has a job as a Quidditch referee that provides 65% of his support.Is he a dependent?
False
True or False: Parents can claim their dependents income on their taxes?
False
What will almost always be shown on your paystub?
Gross Income
Which of the following benefits does Hope pay for through payroll deductions? (choose ALL correct answers)
Health & dental
Select all that are taxable unless specifically excluded found in Box 1 of a W-2 form.
wages, tips and bonuses