Assessment Questions and Correct Answers
1. Which form do you complete in order to file your taxes, annually? ANSWERS
1040
2. How do employers figure out how much federal income tax to withhold from
your paycheck? ANSWERS It is based on the information you have provided on your I-9 form
3. Which of the following events should happen FIRST in a calendar year?
ANSWERS Deadline
to receive you W-2 form from your employer
4. Annually, what is the last day to file your taxes without an extension? ANSWER
April 15th
5. If you increase the number of allowances you claim on your W-4 form, your
net pay in each paycheck will... ANSWERS Increase
6. Liana graduated high school, now lives by herself, and has no children. She is
starting a new full-time job. How many allowances should she most likely claim
on her W-4? ANSWERS 1
7. What is the deadline for you to receive you W-2 from your employer? ANSWER
January
31st
8. Who should expect to receive a W-2 from their employer? ANSWERS Any employee
who earned wages and had income, social security, or Medicare, taxes withheld
9. Why is your W-2 so important? ANSWERS It provides the income and tax information you need to
complete a 1040 form
10. Which of the following does the US government spend the LEAST money
on? ANSWERS Transportation
11. The United States has a "progressive" tax system. This means that... ANSWERS
You pay
ditterent tax rates across ditterent tax brackets, and those who earn more are typically taxed at a higher rate
12. Sarah and her brother Steve both both make the exact amount of money,
but they are paying a different amount in taxes. What is one reason why Sarah
and Steve might pay different amounts? ANSWERS They live in ditterent states
13. Beth found out she owes money to the IRS after filing her tax return. What
should she do so that this doesn't happen again next year? ANSWERS Adjust the
number of withholdings on her W-4
14. A dependent is someone... ANSWERS Who someone on a parent or guardian for MORE than
1. Which form do you complete in order to file your taxes, annually? ANSWERS
1040
2. How do employers figure out how much federal income tax to withhold from
your paycheck? ANSWERS It is based on the information you have provided on your I-9 form
3. Which of the following events should happen FIRST in a calendar year?
ANSWERS Deadline
to receive you W-2 form from your employer
4. Annually, what is the last day to file your taxes without an extension? ANSWER
April 15th
5. If you increase the number of allowances you claim on your W-4 form, your
net pay in each paycheck will... ANSWERS Increase
6. Liana graduated high school, now lives by herself, and has no children. She is
starting a new full-time job. How many allowances should she most likely claim
on her W-4? ANSWERS 1
7. What is the deadline for you to receive you W-2 from your employer? ANSWER
January
31st
8. Who should expect to receive a W-2 from their employer? ANSWERS Any employee
who earned wages and had income, social security, or Medicare, taxes withheld
9. Why is your W-2 so important? ANSWERS It provides the income and tax information you need to
complete a 1040 form
10. Which of the following does the US government spend the LEAST money
on? ANSWERS Transportation
11. The United States has a "progressive" tax system. This means that... ANSWERS
You pay
ditterent tax rates across ditterent tax brackets, and those who earn more are typically taxed at a higher rate
12. Sarah and her brother Steve both both make the exact amount of money,
but they are paying a different amount in taxes. What is one reason why Sarah
and Steve might pay different amounts? ANSWERS They live in ditterent states
13. Beth found out she owes money to the IRS after filing her tax return. What
should she do so that this doesn't happen again next year? ANSWERS Adjust the
number of withholdings on her W-4
14. A dependent is someone... ANSWERS Who someone on a parent or guardian for MORE than
