Taxes

The W-4 form lets...

• the government know how much you paid in taxes last year

• your employer know how much to withhold from your paycheck

• the 3 major credit bureaus know how many dependents you have

• you know how much you paid in taxes last year

Jessica is 21, in college, & has a job that pays her bills. Can her parents claim her as an allowance/dependent on their tax return?

• Yes

• No

The more allowances you claim on your W-4...

• The more money is withheld from your paycheck

• The less money is withheld from your paycheck

• The # of allowances doesn't impact how much $ is withheld

• You claim allowances on a W-2, not the W-4

What do you need to file your 1040 or 1040EZ form?

• Your W-2

• Your W-4

• Your prior year's tax return

• Social Security Number

Which of these is the money you earn BEFORE taxes?

• Gross Pay

• Net Pay

What do taxes collected under the Federal Insurance Contributions Act (FICA) fund?

• Medicaid & Supplemental Security Income
• Medicare & Medicaid
• Social Security & Medicare
• Social Security & Medicaid

the amount of money you are paid after all the deductions are subtracted

• Gross pay
• Net pay
• Overtime pay

When should you fill out a W-4?

• When you quit a job
• When you have 401K benefits 
• When you start a new job
• Whenever you feel like it

If you worked 40 hours per week at $10 per hour, what is your gross income for the week?

• $227

• $4000

• $40

• $400

Totals all of the deductions which have been withheld from an individual’s paycheck from January 1 to the last day of the pay period indicated on the paycheck stub

• payroll withholdings
• income tax
• social security
• year to date