Taxes (Personal Finance)

Front

What type of tax is Louis' dad paying based on the money he earns from his business?

Back

Income tax

Front

Your parents pay $3500 in taxes each year based off of the value of your home. Which type of tax is this?

Back

Property tax

Front

IRS stands for:

Back

Internal Revenue Service

Front

Also known as your take home pay.

Back

Net pay

Front

These taxes come out of a person's paycheck and is meant to help people once they retire.

Back

Social security tax

Front

This tax form is received when you start a new job. It determines how much money gets taken out of each paycheck.

Back

W-4

Front

The W-4 form lets...

Back

your employer know how much to withhold from your paycheck

Front

Jess is 21, in college, & has a job that provides 65% of her support. Is she a dependent?

Back

No

Front

By claiming "exempt" on the W-4 form...

Back

You will NOT have income taxes withheld from your paycheck.

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.