ccr Flashcards
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.
Why should you accurately complete a w-4 form any time you start a new job or change your tax status?
The w-4 determines how much federal income tax money an employer should withhold.
Jay filed his taxes and found out he owes money. What is the most reasonable explanation as to why he owes money in taxes?
Not enough money was withheld from his paychecks
On a pay stub, the amount of money that is left after withholding is known as…
net pay
All of the following are ways to pay any taxes you owe except…
Use an app or website like paypal or venmo
At what point in the hiring process might you be expected to complete forms for taxes, health insurance, and other company benefits?
Within the first few days of starting your new job
What does the term “withholding” mean in reference to your paycheck?
How much that is being taken out of your paycheck in taxes.
All of the following factors that impact the amount someone may pay in taxes except…
political party
Which of the statements below is TRUE about filing your taxes, assuming your only income comes from the salary you earn at BigTech Company.
You must file you 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
When determining whether you NEED to file a federal tax return, each of these questions matters except…
How much income did you earn this year? What type of income did you earn this year? (what state do you live in? )Are you claimed as a dependent on anyone else’s tax return?
Jaunita 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
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
Your friend laila is talking to you about the benefits of tax filing software. Which of the following is true?
You can avoid the cost of having to pay a professional, though you may have to pay for the software and/or e-filing online.
Upon completing 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.
