Income & 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

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

• 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

Which of the following is FALSE about the W-2 form? (hint: choose 2 correct answers)

• 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 1 W-2 form every year, even if you had multiple jobs

Jason is 16 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 18 and older to file taxes.

• Yes, because he may get a refund.

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

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

Net Pay

• A required payment for the support of a government.

• A principle that reflects the worth you place on an idea or action.

• A business owner who takes the risk of owning and operating a business.

• Your actual take home pay

• Your total wages from working

Employees who are paid biweekly are paid twice a week.

• True

• False

State law requires employers to pay a minimum wage.

• True

• False

In most circumstances, which of the following persons can be claimed as a dependent on a Form W-4? Mark all that apply.

• yourself

• your spouse

• your parents

• your children

• your pets