AFTR AFTR Tax Withholding and Estimated Taxes

Question 1

An employee who wants to claim exempt from federal income tax withholding must meet which requirement?

Accepted Answer

Had no federal income tax liability last year and expects none this year

Answer

Earned less than $10,000 in the prior year

Answer

Is claimed as a dependent on someone else's return

Answer

Is under age 21

Question 2

Which form does an employee complete to tell their employer how much federal income tax to withhold?

Accepted Answer

Form W-4

Answer

Form W-2

Answer

Form 1099-W

Answer

Form 941

Question 3

When are estimated tax payments generally due for calendar-year individuals?

Accepted Answer

April 15, June 15, September 15, January 15

Answer

January 15, April 15, July 15, October 15

Answer

March 31, June 30, September 30, December 31

Answer

April 15, July 15, October 15, December 15

Question 4

Which form is used by individuals to pay estimated federal income taxes?

Accepted Answer

Form 1040-ES

Answer

Form 1040-V

Answer

Form 2210

Answer

Form W-4P

Question 5

A taxpayer avoids the underpayment penalty if withholding and estimated payments equal at least what percentage of the prior year's tax liability (for taxpayers with AGI ≤ $150,000)?

Accepted Answer

100%

Answer

90%

Answer

110%

Answer

85%

Question 6

Form 2210 is used by taxpayers to:

Accepted Answer

Calculate the underpayment of estimated tax penalty

Answer

Request an extension of time to file

Answer

Report backup withholding credits

Answer

Adjust W-4 withholding retroactively