25. marquis is starting a fast food job during his senior year of high school. he lives with his parents and…

25. marquis is starting a fast food job during his senior year of high school. he lives with his parents and they will claim him as a dependent on their taxes this year. he earns $2000. based on how he completed his w - 4, his employer withheld $200 in federal income taxes from his paychecks. what will happen if marquis doesnt file taxes in april? a. the irs will refund his $200 directly to him b. the irs will refund his $200 to his parents c. the irs will fine marquis $75 or more for not filing taxes d. nothing will happen, but marquis will miss out on his potential refund 26. which of the following are two mandatory categories of government spending that are paid for by fica taxes? a. military and education b. health and veterans benefits c. housing and transportation d. social security and medicare 27. on a pay stub, the amount of money that is left after withholdings is known as... a. gross pay b. net pay c. annual earnings d. wages and tips 28. which statement best describes discretionary government spending? a. a fixed amount of money spent on the same categories every year b. the money used to pay for social security and medicare c. a changing amount of money spent on different categories each year d. money that you determine how it is spent by the government when you submit your taxes 29. you recently accepted a new job and your first day is next week. what form will you have to complete before you receive your first paycheck? a. w - 2 b. 1040 c. 1099 d. w - 4

25. marquis is starting a fast food job during his senior year of high school. he lives with his parents and they will claim him as a dependent on their taxes this year. he earns $2000. based on how he completed his w - 4, his employer withheld $200 in federal income taxes from his paychecks. what will happen if marquis doesnt file taxes in april? a. the irs will refund his $200 directly to him b. the irs will refund his $200 to his parents c. the irs will fine marquis $75 or more for not filing taxes d. nothing will happen, but marquis will miss out on his potential refund 26. which of the following are two mandatory categories of government spending that are paid for by fica taxes? a. military and education b. health and veterans benefits c. housing and transportation d. social security and medicare 27. on a pay stub, the amount of money that is left after withholdings is known as... a. gross pay b. net pay c. annual earnings d. wages and tips 28. which statement best describes discretionary government spending? a. a fixed amount of money spent on the same categories every year b. the money used to pay for social security and medicare c. a changing amount of money spent on different categories each year d. money that you determine how it is spent by the government when you submit your taxes 29. you recently accepted a new job and your first day is next week. what form will you have to complete before you receive your first paycheck? a. w - 2 b. 1040 c. 1099 d. w - 4

Answer

Brief Explanations:

  • Question 25: If Marquis doesn't file taxes, he won't be fined as his income is likely low. But he won't get a refund if he's due one. The IRS won't refund to his parents either since he's the earner.
  • Question 26: FICA taxes fund Social - Security and Medicare, which are mandatory government spending categories.
  • Question 27: Net pay is the amount left after withholdings on a pay - stub. Gross pay is before withholdings, annual earnings is total yearly income, and wages and tips is a different concept.
  • Question 28: Discretionary government spending is a changing amount spent on different categories each year, unlike mandatory spending.
  • Question 29: When starting a new job, you complete a W - 4 form to indicate your tax - withholding preferences before getting your first paycheck. A W - 2 is given by employers at year - end, 1040 is the individual income - tax return form, and 1099 is for reporting non - employee income.

Answer:

  1. d. Nothing will happen, but Marquis will miss out on his potential refund
  2. d. Social Security and Medicare
  3. b. Net pay
  4. c. A changing amount of money spent on different categories each year
  5. d. W - 4