personal finance Exam Questions And Complete Answers Guaranteed Success.
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Course
TAX.
Institution
TAX.
Gross income is... - correct answer Your taxable income BEFORE deductions.
Why might it be DISADVANTAGEOUS to receive a large refund instead of a smaller one? - correct answer Receiving a large refund means you were OVERWI...
Gross income is... - correct answer Your taxable income BEFORE deductions.
Why might it be DISADVANTAGEOUS to receive a large refund instead of a smaller one? - correct answer
Receiving a large refund means you were OVERWITHHOLDING from each paycheck, and that's money
you could have used throughout the year for other things.
If you are a dependent, which of the following is TRUE about filing your taxes? - correct answer
You fill out your own 1040 form and receive a refund or are responsible for paying any taxes you owe.
Miguel has been working at his job for 3 years and already filled out a W-4 when he was first hired. This
year, he just got married and is planning on filing his taxes jointly with his spouse. What should he do? -
correct answer Request to fill out a new W-4 from his employer
Annually, what is the last day to file your taxes without an extension? - correct answer
April 15
Takehome pay is also known as net pay - correct answer true
Which of the following does the Federal government spend a LARGE portion of taxpayer money on? -
correct answer Military
South Dakota, like most states, has a state income tax. - correct answer false
If you cannot make a tax payment in full, what is the BEST next step to take? - correct answer
Contact the IRS to see if there is a payment plan that works for you.
Which of the following statements about the W-4 form is TRUE? (Select all that apply) - correct answer
The purpose of the form is to let employers know how much money to withhold from an employee's
paycheck for taxes
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