NGPF Taxes Answers Key

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The NGPF Answer Keys for 1.4 How to File Your Taxes Student Activity Packet Unit: Taxes

According to the StuDocu site, here is the NGPF answer key for 1.4 How to File your Taxes, Student Activity Packet, Unit: Taxes.

Ways to File Your Taxes

  1. For each method of filing, list the pros and cons in the chart below.
    a. For “Tax-preparation software” and “Professional Tax Payers,” no Cons are given in the video. Brainstorm on your own what potential negatives there could be with those options.
Method Pros Cons
Old-fashioned Paper Filing –        You are in charge –        Easy to make mistakes or miss deductions
Tax-preparation Software –        Designed to help you get as many tax deductions and credit as possible

–        It allows you to e-file your tax return

–        Access to professional tax help

–        Quicker return

–        Slowly taking over old fashion paper filing
Professional Tax Preparers –        Look and seeing a qualified tax professional if confused or don’t know to minimize errors and cut out the guesswork –        Got married or divorced, brought or sold a house, inherited money, or experienced a family death then you have bankruptcy and be better off qualifying tax preparer.
  1. Which way do you think you’ll use? Why?

Answer: Maybe the Tax preparation Software because it is easier and more helpful.

What’s a W-2 Form?

  1. All of the following people should receive W-2 Forms except …
    a. Marcus, who is on salary as a sales representative at a shoe store, working full-time
    b. Serena, who is a freelance wedding photographer
    c. Edgar, who averages 10/hrs per week as one of five employees at We Clean Pools
    d. Melinda, who works 40 hours/week at a local ice cream shop during the summer
    Answer: b. Serena, who is a freelance wedding photographer
  2. In which box on your W-2 can you find your …
    A) Wages and Income
    B) Taxes Withheld?
    a. a) Wages and income = Box 2
    b) Taxes withheld = Box 1
    b. a) Wages and income = Box 1
    b) Taxes withheld = not provided on W-2 Form
    c. a) Wages and income = Box 2
    b) Taxes withheld = Box 3
    d. a) Wages and income = Box 1
    b) Taxes withheld = Box 2
    Answer: d. a) Wages and income = Box 1
    b) Taxes withheld = Box 2
  3. When should you receive your W-2 form from your employer?
    a. Attached to every paystub
    b. By January 1st
    c. By January 31st
    d. By April 15th
    Answer: c. By January 31st
  4. Ways to Make a Tax Payment
  5. What are the two primary ways you can make a tax payment?
    Answer: Online and phone
  6. What is one other way you can pay?
    Answer: IRS2Go mobile app
  7. If you can’t pay immediately, what is one course of action you can take? What are the criteria?
    Answer: You can file your return and pay as much as you can by the due date

Five Things You Should Know About Filing State Income Taxes

  1. Does your state require you to file a tax return?
    Answer: Yes
  2. If you are e-filing your tax returns, explain why it is beneficial to file your federal and state taxes through the same e-filing service.
    Answer: Because for a Faster Processing
  3. Create a scenario in which a person would have to file more than one state tax return and explain it is in the space below.
    Answer: Tom and Stephanie are married filing jointly and work in two different states.

NGPF’s Unit Review Answer Keys on Kahoot

Here are some questions and answer keys for NGPF Unit Review on Kahoot about Taxes.

  • Who primarily uses our tax money?
    Answer: the state government and the federal government
  • Our tax money is spent on all of the following, except:
    Answer: Private School Education
  • Which of the following is not a category in the Federal government’s spending?
    Answer: Interest on loans issued
  • What type of taxes contribute to Federal tax revenue?
    Answer: Corporate Income Tax, Income Tax, Estate Tax, and Excise Tax
  • The W-4 form lets …
    Answer: your employer know how much to withhold from your paycheck
  • Jess is 21, in college, & has a job that provides 65% of her support. Is she a dependent?
    Answer: No
  • What item would you definitely see on a paystub?
    Answer: Gross Pay
  • By claiming ‘exempt’ on the W-4 form …
    Answer: You are saying that you do not meet the minimum income requirements to file and you will not have income taxes withheld from your paycheck
  • Jason filed his 2021 tax return and owes money. If he does not want to pay a fee, when should he pay this amount by?
    Answer: April 18th
  • True or False: All wages, tips, and bonuses are taxable unless specifically excluded.
    Answer: True
  • Which of the following is False about the W-2 form?
    Answer: You get 1 W-2 form every year, even if you had multiple jobs and the W-2 is sent out in April of every year
  • Jason is 15 and earned $1450 at his job last summer. Should he file a tax return?
    Answer: Yes, because he may get a refund
  • What do you need to file your 1040 form?
    Answer: Your W-2 and Social Security Number
  • Which of the following is not a way you can file your taxes?
    Answer: through your employer’s HR department
  • True or False: A teen’s earned income can be reported on a parent’s tax return?
    Answer: False
  • If a teen files a tax return, can the parent still claim him/her as a dependent?
    Answer: Yes, as long as the teen meets the dependency requirements
  • Luisa earned $1,200 at her part-time job, and $500 from babysitting in cash. Which is true?
    Answer: she will report her total income as $1,700.
  • Which is true about earned income and unearned income?
    Answer: Earned is how much you make from a job and unearned is any money you make in interest, dividends, etc.
  • If you owe taxes, which of the following is false?
    Answer: You can make a payment with a debit, but not credit card
  • Which is true if you do not pay your taxes?
    Answer: your credit score may be impacted

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