Taxes

What do you need to file your taxes, complete your 1040 form?

• Your W-2

• Your W-4

• Your prior year's tax return

• Your paychecks for the year

Which of the following is NOT a way you can file your taxes?

• 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

What is unearned income?

• money made from a job

• salary or wages

• money made from investments, such as interest or dividends

• when a company gives an employee a raise

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

Which of the following is FALSE about the W-2 form?

• The W-2 is sent out in April of every year

• It lets you know how much you earned last year

• It lets you know how much was withheld from your paychecks

• You get a W-2 from every job held during the tax year

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

• No, because he didn't earn enough.

• No, because you have to be 16 and older to file taxes.

• Yes, because he may get a refund.

• Yes. You must file taxes even if you didn't earn enough.

Your parents pay a tax each year of $3500 based off the value of your home. Which type of tax do your parents pay each year?

• Payroll Tax

• Income Tax

• Sales Tax

• Property Tax

A portion of Nancy's paycheck is taken out to pay taxes. These taxes pay Social Security and Medicare. Which type of taxes does Nancy pay from her paycheck?

• Payroll Tax

• Income Tax

• Sales Tax

• Property Tax

The total amount of earnings before any deductions are taken out

• Gross Pay
• Net Pay
• After-tax Income
• Yucky Pay

The amount of salary received after taxes and deductions

• Gross Pay
• Net Pay
• Total Earnings
• Bill