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