Test - Taxes and How They Effect You
Quiz by Mark Stegall
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- Q 1/20Score 0A married person with two children eligible for the child tax credit, whose spouse does not work, who has @2,200 of Child care expenses and who will earn $49,000 from one job. What should this person enter for the line H on the Personal Allowances Worksheet?2912111013
20 questions
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- Q1A married person with two children eligible for the child tax credit, whose spouse does not work, who has @2,200 of Child care expenses and who will earn $49,000 from one job. What should this person enter for the line H on the Personal Allowances Worksheet?1211101330s
- Q2A married person with two children eligible for the child tax credit, whose spouse does not work, who has @2,200 of Child care expenses and who will earn $49,000 from one job. Which box should this person check on Section 3 of the W-4 to receive the lowest withholding rate?SingleMarried, but withhold at the higher single rateMarried30s
- Q3A married person with two children eligible for the child tax credit, whose spouse does not work, who has @2,200 of Child care expenses and who will earn $49,000 from one job. Could this person claim an exemption from withholding on line 7 of the W-4YesNo30s
- Q4What is the penalty for early withdrawal (before age 59 1/2) of money from a traditional IRA?20%15%25%10%30s
- Q5If your salary is $2,000 per month and you contribute 5% to your retirement plan while your employer matches 5%, how much would be added to your retirement plan at the end of the year?$1,200$1,800$600$2,40030s
- Q6Under which circumstance can you withdraw money from an IRA before age 59 1/2 without a penalty?to match an employee contributionto purchase a first hometo invest in government bondsto save for retirment30s
- Q7An example of a short-term goal s saving for a(n) _________both A and Bneither A nor BA. A prom dressB. rock concert next month30s
- Q8Information from a W-4 form is transferred directly to an income tax formfalsetrueTrue or False30s
- Q9A W-2 form must be issued to employees by the end of January.truefalseTrue or False30s
- Q10An IRA can be used as a tax creditfalsetrueTrue or False30s
- Q11A tax credit and a tax deduction are the same thing.falsetrueTrue or False30s
- Q12A flexible spending account for medical expenses is an example of a tax deduction.truefalseTrue or False30s
- Q13The late payment penalty will be charged even if you can show reasonble cause for not paying on timefalsetrueTrue or False30s
- Q14Only the taxpayer can represent his/her case at the U.S. Tax CourtfalsetrueTrue or False30s
- Q15The due date to file an extension is the same as the due date for taxes in that year.truefalseTrue or False30s
