Personal Finance - Filing a 1040

Front

What is the purpose of filing a federal tax return?

Back

To calculate tax liability (Was too little or too much withheld)

Front

Do high school students earning less than $14,600 HAVE to file a tax return?

Back

No, BUT to get back any taxes taken out of their paychecks they should!

Front

What is the deadline for filing federal taxes?

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April 15

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What is the purpose of tax credits?

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To lower the tax bill

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When determining whether you NEED to file a federal tax return, each of these questions matters EXCEPT… How much income did you earn this year?, What type of income did you earn this year?, What state do you live in?, Are you claimed as a dependent on anyone else's tax return?

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What state do you live in?

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What is a tax deduction?

Back

An amount subtracted from your total income.

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When do you start paying income taxes? Options: When you turn 18, When you get a full-time job (part-time does not count), When you make more than the minimum income requirement, When you are notified by the IRS that you are required to pay federal income taxes

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When you make more than the minimum income requirement

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What is the primary factor that determines whether an individual must file a tax return? Options: Age, Income level, Number of dependents, Employment status

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Income level

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Which of the following is a reason someone might choose to file a tax return even if they are not required to do so? To avoid penalties, To claim a refund, To increase their income, To change their filing status

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To claim a refund

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A person that has 50% of their financial needs supported by another person is that person's...

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dependent