Who primarily uses our tax money?
Your employer
Local businesses
Federal and state government
Large corporations
Our tax money is spent on all of the following EXCEPT:
National Parks
Social Security
The Military
Private School Education
Which of the following is NOT a category in the Federal government's spending?
Interest on loans issued
Interest on national debt
Discretionary spending
Mandatory spending
Which of the following taxes is applied to wages, salaries, dividends, and interest earned?
Estate Tax
Income Tax
Excise Tax
Corporate Income Tax
The W-4 form lets...
the 3 major credit bureaus know how many dependents you have
your employer know how much to withhold from your paycheck
you know how much you paid in taxes last year
the government know how much you paid in taxes last year
Jess is 21, in college, & has a job that provides 65% of her support. Is she a dependent?
Yes
No
What item would you DEFINITELY see on a paystub?
Your occupation/role
Retirement
Healthcare
Gross Pay
By claiming "exempt" on the W-4 form...
You are asking for a one year exemption from paying taxes
You are saying that you do NOT meet the minimum income requirements to file
You are paying all income taxes at the END of the calendar year.
You are paying all income taxes upfront at the START of the year.
Jason filed his tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?
April 15th
October 15th
January 1st of the next year
December 31st
True or False: All wages, tips, and bonuses are taxable unless specifically excluded.
True
False
Each of the following things is true about the W-2 form EXCEPT...
It contains information you'll need to fill out a 1040
You get 1 W-2 form every year, even if you had multiple jobs
It lets you know how much you earned last year
It lets you know how much was withheld from your paychecks
Jason is 15 and earned $1450 at his job last summer. Should he file a tax return?
No, because you have to be 16 and older to file taxes.
No, because he didn't earn enough.
Yes, because he may get a refund.
Yes. You must file taxes even if you didn't earn enough.
What do you need to file your 1040 form?
Your W-2
Your prior year's tax return
Your W-4
Income of $50,000 or more
Which of the following is NOT a way you can file your taxes?
Mailing in a paper tax return to the Federal government
Through a tax professional
Through your employer's HR department
Using tax software like TurboTax
True or False: A teen's earned income can be reported on a parent's tax return.
True
False
If a teen files a tax return, can the parent still claim him/her as a dependent?
Yes, but the parent has to add the teen's income to theirs
Yes. All teens are dependents until they are 18 years old
Yes, as long as the teen meets the dependency requirements
No. If a teen files a tax return, he/she cannot be claimed
