H&R Block Budget Challenge Quiz Week 2- Paychecks B

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1. Increasing your 401k deduction will ________ your gross pay and __________your federal taxes in the current year.

Not change, decrease

2. Decreasing W-4 allowances will ________ the net pay in your paycheck and ______ your total tax burden.

Decrease, not change

3. Suppose you filed your taxes and received a small refund from the IRS. What would have been the impact on the refund amount if you had increased the W-4 allowances for that tax year?

The refund would be smaller or you may owe taxes

4. Assume you are participating in your employer’s direct deposit program. On payday, the employer deposits your ________ into your bank account.

Net pay

5. Many tax professionals and advisors recommend adjusting your W-4 allowances so that…

you minimize your tax liability

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