Taxes

Taxes

Types of Taxes

• Income Taxes: Federal and state taxes on the income you earn

• Property Taxes: Taxes you pay on homes, land, or commercial real estate

• Payroll Taxes: Include FICA and unemployment deductions

• Sales Tax: Tax paid to a governing body on the sale of goods and services

Multiple Choice

Roads, police, schools, governmental agencies, fire and emergency services are funded by taxes.

• True

• False

Multiple Choice

Louis's dad pays a tax to the federal government each year based off the money he earns from his business. What type of tax is Louis' dad paying?

• Payroll Tax

• Sales Tax

• Property Tax

• Income Tax

Multiple Choice

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

• Payroll Tax

• Property Tax

• Sales Tax

• Income Tax

• The amount you deposit into your banking account. This is the amount after taxes and deductions have been taken out.

​Net Pay

• before taxes or any deductions are taken out

Gross Pay

Gross vs. Net Pay

Multiple Choice

IRS stands for:

• Internal Revenge Service

• Internal Revenue Service

• International Revenue System

• Italian Ravioli Sauce

Multiple Choice

Also known as your take home pay.

• Salary

• Gross Pay

• Net Pay

• Withholdings

Multiple Choice

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

• 401k

• Social Security

• Unemployment

• Payroll Deductions

Multiple Choice

A tax form filled out by an employee to indicate the amount that should be withheld from his/her paycheck for taxes

• W-4

• W-2

• 1099

• 1040

Tax Forms

​W-4

• W-4 is completed by YOU BEFORE you start your job

• Tells the employer how much tax to take out of your paycheck

• Only completed BEFORE you start working OR if you want to change how much taxes are taken out

W-4 Example

Multiple Choice

The form employers must provide to employees by January 31 of each year that gives annual income and withholding information. (Income money received from wages and salaries, rent, interest, and profit) is?

• W-2

• W-4

• Employment Status Form

• Form-L Occasion

Tax Forms

​W-2

• Completed by your employer by Jan 31st

• Lists totals of all taxes taken out of your paycheck from entire year (last January-December)

• Can have multiple W-2's if you've had multiple jobs in a calendar year

W-2 Example

Tax Forms

​I-9

• The Employer's (your boss) job to complete an I-9 form on you once you're hired

• Used to verify your identity

• Must present appropriate documents

• Examples of documentation include: passport, driver license and social security number/birth certificate

I-9 Example

Multiple Choice

Who is considered an alien on an I-9 form?

• A person who is not a citizen

• A person who is a citizen through naturalization

• A child under 18

• An adult over 18

Multiple Choice

Why do people fill out I-9 forms? 

• To prove they were born in the US

• To prove they can work in the US

• For their taxes

• To take out the right amount of money for their taxes

Tax Forms

1099

• Use 1099 forms to report different types of unearned income

• There are different types of 1099 forms that include:

• 1099-int: interest income (like from savings account)

• 1099-div: dividends (if you made money from stocks)

• 1099-misc: rent or income from prize money

• 1099-R: retirement money

1040 Example

Multiple Select

Click types of income that the 1099 form is used for

• interest income

• certain retirement income

• miscellaneous

• long term care (nursing homes)

• dividend income

Tax Forms

1040 Form

Tax form used for individuals to file federal tax returns

This form uses the information from your W-2's and 1099's (if applicable) to determine if the government owes you a refund OR if you didn't pay enough in taxes throughout the year and owe the IRS more money.

Multiple Choice

This is a form you fill out by April 15th to determine how much you either owe or will be refunded in taxes for the previous year.

• W-4

• W-2

• 1099

• 1040

Multiple Choice

Bryan paid $4,560 in taxes. The taxes he owed was $4,175. How much would he be refunded?

• $385

• $8,735.00

• $125

Multiple Choice

Carol Anne paid $5,680 in taxes. The taxes she owed were $4,250. How much would she be refunded?

• $755.25

• $1,430.00

• $9,930

Multiple Choice

Skye paid $4,210.00 in taxes. The taxes she owed were $1,751.00. How much would she be refunded?

• $1,459.00

• $5,961.00

• $2,459.00