Tax Forms quiz

True

( true or false ) The benefit of putting your money into a Roth IRA instead of spending it is that you are saving for your future.

true

( true or false ) You can put all of your earned income into a Roth IRA until it meets the contribution limit.

false

( true or false ) You have to be at least 18 years old to open a Roth IRA.

April 15th

***Last day to e-file or mail federal and state income tax forms or to request an extension.***

Credit card debt forgiveness

All of the following options are benefits we receive as a result of government spending EXCEPT

january 1st

Date when you First day of the calendar year. Your earnings for the year begin on this date.

January 31st

Deadline for employers to mail W-2s to their employees (either by paper or electronically) If you do not receive your W-2 by mid-february , contact your employer. If you worked multiple jobs in a year, you will receive multiple W-2s. The vast majority of people wait until after this date to file their taxes, since without a W-2 it is difficult to accurately determine your tax burden.

October 15th

Deadline for filing federal and state income returns that have received extensions.

Fewer

Fill in the blanks: The more allowances that I claim on my W-4, the (fewer/more) taxes will be withheld from my paycheck.

January 1st

First day you can mail in federal and state paper form tax returns for the previous year, although you likely will not yet have your necessary W-2 or other documents to do the filing

1040

I am completed every April Anyone can use me But beware, there is a LOT to fill out

1040-EZ

I am completed every April I cannot be used if you have dependents or investment income People like me because I'm especially quick

W-2

I am received in January There is one of me for every job I work You can tell how much you earned and how much you paid in taxes by reading me

1099

I am received in January You get me if you are not an employee, but were paid by a company You probably didn't get taxes withheld if you got me, so you may have a big tax bill coming up

W-4

I am received whenever you start a job You list information about yourself and your family on me I determine how much money gets taken out of each paycheck

I-9

I am received whenever you start a job You use me to prove that you are eligible to work in the U.S. You must provide forms of identification when submitting me

Federal tax state tax health insurance

Identify two deductions you will see on your pay stub.

In order to be able to pay the salaries of government workers and support public resources such as libraries and parks .

In your own words, explain why we pay taxes.

December 31st

Last day of the calendar year. Your earnings for the year are final after this date.

False

True or False: You do not need to pay taxes if you earn income in cash.

Education and Military

What are 2 examples of discretionary spending?

Social Security & Medicare

What does FICA consist of?

A paycheck stub shows your total earnings for the pay period, deductions from the total, and your net pay after deductions.

What information is available on a paycheck stub?

Better chance of not owing so much

What is the benefit of claiming 0 or 1 withholding allowances on the W-4 form you receive when you start your job?

There's a chance you may get money back or receive a return .

What is the benefit of filing a tax return even if you didn't meet the minimum income requirement?

To tell how many dependents you have, received when you get your first job.

What is the purpose of the W-4 form, and when do you receive it?

Medicare care and social security

What two taxes will you NOT receive a refund for, even if you file a tax return?

I-9

When you start a new job, you receive a form that you use to prove that you are eligible to work in the U.S. What is this form?

Gross pay is before taxes, net pay is after

distinguish between net pay and gross pay.

Whenever you start a new job

when you Complete a W-4, indicating how much in taxes you'd like withheld from each paycheck You will complete a new W-4 for every job you hold in a year. Some people (independent contractors for instance) will not receive a W-4 and are responsible for manually paying their taxes Complete an I-9, indicating you're eligible for employment in the United States