Earned income is any money you make from things like interest and dividends.
True
False
What item would you DEFINITELY see on a paystub?
Your occupation/role
Healthcare
Gross Pay
Retirement
Our tax money is spent on all of the following EXCEPT:
National Parks
Social Security
Private School Education
The Military
Which of the following is NOT a category in the Federal government's spending?
Discretionary spending
Mandatory spending
Interest on national debt
Interest on loans issued
Jason filed his tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?
December 31st
January 1st of the next year
April 15th
October 15th
Which of the following is NOT a way you can file your taxes?
Mailing in a paper tax return to the Federal government
Using tax software like TurboTax
Through a tax professional
Through your employer's HR department
Jason is 15 and earned $1450 at his job last summer. Should he file a tax return?
No, because he didn't earn enough.
Yes, because he may get a refund.
No, because you have to be 16 and older to file taxes.
Yes. You must file taxes even if you didn't earn enough.
If you owe taxes, which of the following is FALSE?
You can make a payment with a debit, but not credit card
With an agreement, you can pay it in installments
You can delay your payment deadline
You can make a payment using cash
What do you need to file your 1040 form?
Income of $50,000 or more
Your prior year's tax return
Your W-4
Your W-2
Which is TRUE if you do not pay your taxes?
You're more likely to be approved for low interst loans
You cannot go to jail (but you will be heavily fined)
Your credit score may be impacted
You owe twice as much the following year
By claiming "exempt" on the W-4 form...
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
You are paying all income taxes upfront at the START of the year.
Which of the following taxes is applied to wages, salaries, dividends, and interest earned?
Estate Tax
Excise Tax
Corporate Income Tax
Income Tax
Who primarily uses our tax money?
Your employer
Federal and state government
Local businesses
Large corporations
Each of the following things is true about the W-2 form EXCEPT...
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
It contains information you'll need to fill out a 1040
True or False: All wages, tips, and bonuses are taxable unless specifically excluded.
False
True
The W-4 form lets...
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
you know how much you paid in taxes last year
True or False: A teen's earned income can be reported on a parent's tax return.
True
False
Jess is 21, in college, & has a job that provides 65% of her support. Is she a dependent?
Yes
No
If a teen files a tax return, can the parent still claim him/her as a dependent?
No. If a teen files a tax return, he/she cannot be claimed
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
Luisa earned $1,200 at her part-time job, and $500 from babysitting in cash. Which is TRUE?
She will report her total income as $1,200.
She will report her total income as $500.
She will report her total income as $1,700.
Luisa is required to file a tax return.