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