Practice: Paychecks and taxes

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6 questions. 4 right is a pass, and your best score is kept in this browser.

1. A tax refund is…Money you overpaid through withholding during the yearA payment for filing on timeA percentage of your rent returnedA bonus from the government

2. A W-2 arrives from…Your bankThe IRS automatically, every JanuaryYour employerA client who paid you as a contractor

3. If too little is withheld from your paychecks, then in April…Your employer pays it for youNothing happens — withholding is optionalYou get a larger refundYou owe the difference, possibly with a penalty

4. The usual US filing deadline for a calendar-year return is…January 1March 15April 15June 30

5. You worked two jobs and each withheld as if it were your only job. The likely result?A larger refund, because two jobs mean two deductionsNo change, because withholding always matchesA penalty for having two jobsToo little was withheld overall, so you may owe in April

6. A friend paid you $900 cash for design work and sent no 1099. Do you owe tax?Only if it was more than $5,000Only if they claim it on their taxesYes — income is taxable whether or not a form arrivesNo, because no form was issued

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