Do I Need to File a Tax Return?

A dependent is someone....

• who relies on a parent or guardian for MORE than half of their financial support

• who relies on a parent or guardian for LESS than half of their financial support

• who is a full-time college student under the age of 28

• who is able to financially support themself and provides financial support for another person.

As a single person, once you have over _______ in earned income for 2019, you are required to file a tax return.

• $1,050

• $6,350

• $12,200

• $12,500

Which of the following people is legally required to file a tax return?

• Millie, who can be claimed as a dependent and earned $850 through her graphic design side hustle

• Juan, who can be claimed as a dependent and earned $12,500 form his internship.

• Helen, who can be claimed as a dependent and earned $1,500 as a babysitter.

• Sam, who can be claimed as a dependent and earned $250 from his own business.

Which of the following is an example of UNEARNED income?

• Wages

• Investment Returns

• Tips

• Personal Time Off Pay

Why might someone want to claim EXEMPT on their W-4 form?

• If they know they will earn less than the minimum income requirement to owe taxes, they can receive full paychecks.

• If they know that they are considered a household employee.

• If they cannot be claimed as a dependent.

• if they are age 16 or under.

Which of the following is a clue that you are considered a self-employed contractor?

• Instead of getting a W-9, you get a W-4

• You have Social Security taxes withheld form your paychecks

• Instead of receiving a W-2 form, you get a 1099 form.

• You have Medicare taxes withheld from your paycheck.

Why might someone want to file a tax return even if they do not meet the minimum income requirement?

• They claimed EXEMPT on their W-4 form.

• They paid self-employment taxes.

• They may get a refund for any income tax withheld form their paychecks.

• The IRS expedites processing your future tax returns.

Gross income is.....

• Any money you earn over $400

• Any money you earn over $12,000

• Your taxable income AFTER deductions.

• Your taxable income BEFORE deductions

Which is TRUE about earned and unearned income?

• Both are subject to payroll taxes

• Earned income is money you receive, but you did not have to work for it.

• Unearned income is money you receive for work you did.

• Both have a minimum income requirement that determines if you have to file a tax return.

If you are owed a tax refund, then...

• You have to file a tax return and meet the regular tax deadline to get your refund.

• You do not have to file a tax return - the government will send you a check in 4-6 weeks.

• You have to file a different form (not the 1040) to claim your refund.

• You may have up to 3 years to file your tax return and get your refund.