Chapter 7 - Taxes & Government Spending

Front

Which is TRUE if you do not pay your taxes? Options: You owe twice as much the following year, You're more likely to be approved for low interest loans, You cannot go to jail (but you will be heavily fined), Your credit score may be impacted

Back

Your credit score may be impacted

Front

Our tax money is spent on all of the following EXCEPT: Social Security, The Military, National Parks

Back

Private School Education

Front

The W-4 form lets...

Back

your employer know how much to withhold from your paycheck

Front

True or False: All wages, tips, and bonuses are taxable unless specifically excluded.

Back

True

Front

Should Jason, who is 15 and earned $1450 at his job last summer, file a tax return?

Back

Yes, because he may get a refund.

Front

Which of the following is NOT a way you can file your taxes?
Options:
Through a tax professional
Mailing in a paper tax return to the Federal government
Using tax software like TurboTax
Through your employer's HR department

Back

Through your employer's HR department

Front

True or False: A teen's earned income can be reported on a parent's tax return.

Back

False

Front

If a teen files a tax return, can the parent still claim him/her as a dependent?

Back

Yes, as long as the teen meets the dependency requirements

Front

Luisa earned $1,200 at her part-time job, and $500 from babysitting in cash. Which is TRUE?

Back

She will report her total income as $1,700.

Front

If Jason filed his tax return and owes money, when should he pay this amount by to avoid a fee?

Back

April 15th