stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Personal Finance - Taxes NGPF Flashcards | StudBud
Explore
/
Personal Finance - Taxes NGPF
Personal Finance - Taxes NGPF
20 terms
·
StudBud Administration
·
128 plays
Imported from external platform
Flashcards
20 cards
F
Practice quiz
P
Host live
L
Questions
20
Answers
1
When people refer to "Tax Day" they mean...
April 15, the deadline to file your taxes
Whatever day your tax refund comes in the mail
January 1, the first day of the calendar year
December 31, the last day to earn income and have it count toward that tax
2
How do employers figure out how much federal income tax to withhold from your paycheck?
It is based on the information you have provided on your W-4 form
It is based on your previous year's tax return
It is based on the information you have provided on your I-9 form
It is set by a federal regulation at 7.65%
3
A dependent is someone who...
relies on someone else to provide more than half of their financial support
provides financial support for someone else.
relies on someone else to provide a quarter or less of their financial supp
is able to financially support themself fully.
4
Which person should expect to receive a W-2 form from their employer by January 31st, 2019?
Jose, whose first job started on January 10, 2019
Kelly, who has worked for the same department store for the last 15 years
Arnie, who did an unpaid internship in summer 2018 for a local newspaper
Marcy, who has sold handcrafted vases online for the past 5 years
5
Why should you accurately complete a W-4 form any time you start a new job or change your tax status?
Your W-4 determines your total tax bill at the end of the year
You need a copy of your W-4 to file your tax return annually
W-4 determines how much Federal income tax your employer should withhold
Completing a W-4 will guarantee you receive a large tax refund
6
What is the deadline for you to receive your W-2 from your employer?
April 15th
Any time you request it in writing
January 31st
Within 30 days of hire
7
Who should expect to receive a W-2 from their employer?
Any employee who earned wages and had taxes withheld
Full-time employees only
Self-employed individuals who run their own business
Part-time employees only
8
Annually, what is the last day to file your taxes without an extension?
DECEMBER 31
APRIL 15
JANUARY 1
JANUARY 15
9
When you sit down to file your 1040 form, which document(s) should you have in front of you?
W-2 form(s)
I-9 form(s)
Checking account statements from last year
W-4 form(s)
10
The United States has a "progressive" tax system. This means that...
All individuals pay the same tax rate.
You pay the tax rate of the highest bracket you fall into.
those who earn more are typically taxed at a higher rate.
You pay different tax rates across different tax brackets, and those who ea
11
Why is your W-2 so important?
It determines how much tax money is withheld from each paycheck
It provides the income and tax information you need to complete a 1040 form
It proves that you're legally allowed to work in the US
It allows you to set up direct deposit to your bank
12
What form do you use to file a tax return with the IRS?
W-2
1040
W-4
I-9
13
Which of the following is the largest source of income for the Federal government?
Property Tax
Income Tax
Payroll tax
Corporate Tax
14
As an employee, which form do you complete in order to file your taxes, annually?
W-4
I-9
1040
W-2
15
Which of the statements about the current U.S. tax system is TRUE?
Our current system is described as being a progressive system because it im
Our current system is described as being a regressive system because it imp
Your friend tells you his marginal tax rate is 22%. That means that he pays
Everyone in the US who makes more than $12,000 pays one flat tax rate.
16
All of the following are factors that impact the amount someone may pay in taxes EXCEPT...
Political Party
State
Income
Marital Status
17
Jay filed his taxes and found out he owes money. What can he do to prevent this from happening next tax year?
He can increase the number of withholdings on his W-4 form.
He can claim EXEMPT on his W-4 form.
He can decrease the number of withholdings on his W-4 form.
He can talk to his employer and ask to withdraw more money from each payck
18
All of the following information should appear on your W-2 form EXCEPT...
The amount you paid during the last year for Medicare and Social Security
Your interest earned on savings and investments
Your name, address, and employer information
Your wages, tips, and compensation from that particular employer
19
All of the following are ways to pay any taxes you owe EXCEPT...
Use an app or website like PayPal or Venmo
Make a payment directly from your bank account
Sending a check
Using your debit or credit card to make an online payment
20
Which of the following events should happen FIRST in a calendar year?
Deadline to file your taxes (or request an extension) with the IRS
Deadline to mail your W-4 form to the IRS
Deadline to file your taxes with the IRS if you already requested an extens
Deadline to receive your W-2 form from your employer
