taxes unit review\npart i: core topics\n• understanding pay stubs: learn how to read a pay stub, including…

taxes unit review\npart i: core topics\n• understanding pay stubs: learn how to read a pay stub, including the differences between gross pay and net pay, and common deductions.\n• tax forms: identify the most common tax - forms, including the w - 4, 1040, w - 2, 1099, and 1095 forms.\n• types of taxes: identify and summarize how the government uses tax revenue and the different types of taxes (e.g. income, payroll, property, and sales tax).\n• filing taxes: identify important tax dates, recognize who qualifies as a dependent, and determine who needs to file taxes. compare methods of filing and completing a 1040.\npart ii: vocabulary\nuse the word bank to complete the fill - in - the - blank questions below. you can find key vocabulary terms and definitions in the personal finance dictionary.\n1040 fica pre - tax deductions\n1099 cross pay refund\n401(k) household employee self - employed\ndeduction i - 9 social security\ndependent income taxes unearned income\ndiscretionary government mandatory government w - 2\nspending spending w - 4\nearned income medicare withholding\nemployer contributions net pay\n1. when starting a new job, employees must fill out a(n) __________ form to indicate their tax withholding preferences.\n2. to verify employment eligibility, new hires in the u.s. must complete the __________ form.\n3. if you overpaid your taxes throughout the year, you will likely receive a(n) __________ when you submit your tax return.

taxes unit review\npart i: core topics\n• understanding pay stubs: learn how to read a pay stub, including the differences between gross pay and net pay, and common deductions.\n• tax forms: identify the most common tax - forms, including the w - 4, 1040, w - 2, 1099, and 1095 forms.\n• types of taxes: identify and summarize how the government uses tax revenue and the different types of taxes (e.g. income, payroll, property, and sales tax).\n• filing taxes: identify important tax dates, recognize who qualifies as a dependent, and determine who needs to file taxes. compare methods of filing and completing a 1040.\npart ii: vocabulary\nuse the word bank to complete the fill - in - the - blank questions below. you can find key vocabulary terms and definitions in the personal finance dictionary.\n1040 fica pre - tax deductions\n1099 cross pay refund\n401(k) household employee self - employed\ndeduction i - 9 social security\ndependent income taxes unearned income\ndiscretionary government mandatory government w - 2\nspending spending w - 4\nearned income medicare withholding\nemployer contributions net pay\n1. when starting a new job, employees must fill out a(n) __________ form to indicate their tax withholding preferences.\n2. to verify employment eligibility, new hires in the u.s. must complete the __________ form.\n3. if you overpaid your taxes throughout the year, you will likely receive a(n) __________ when you submit your tax return.

Answer

Brief Explanations:

  1. The W - 4 form is used by employees to indicate tax - withholding preferences when starting a new job.
  2. New hires in the U.S. must complete the I - 9 form to verify employment eligibility.
  3. If you overpaid your taxes throughout the year, you are likely to receive a refund when you submit your tax return.

Answer:

  1. W - 4
  2. I - 9
  3. Refund