Taxes and Paychecks Review

What document am I? I am received in January. There is one of me for every job I work. You can tell how much you earned and how much you paid in taxes by reading me

• 1040

• I-9

• W-2

• W-4

• 1099

What document am I? I am received in January. You get me if you are not an employee, but were paid by a company. You probably didn’t get taxes withheld if you got me, so you may have a big tax bill coming up

• 1040

• I-9

• W-2

• W-4

• 1099

What document am I? I am completed every April. Anyone can use me. Beware, there is a LOT to fill out

• 1040

• I-9

• W-2

• W-4

• 1099

What document am I? I am received whenever you start a job. You list information about yourself and your family on me. I determine how much money gets taken out of each paycheck.

• 1040

• I-9

• W-2

• W-4

• 1099

What document am I? I am received whenever you start a job. You use me to prove that you are eligible to work in the U.S. You must provide forms of identification when submitting me.

• 1040

• I-9

• W-2

• W-4

• 1099

What two taxes (deductions) will you NOT receive a refund for, even if you file a tax return? (Check 2)

• Federal deductions

• State deductions

• Medicare

• Social Security

• Pension

As a teenager or young adult working only part time, what is the benefit of claiming 0 or 1 withholding allowances on the W-4 form you receive when you start your job?

• You get more money back in your check each time from less deductions

• You'll likely not owe because of low wage earnings, and get a refund on anything you overpaid in taxes

• It puts an extra portion of your check into your personal social security account, so you will have more money when you retire

• There is no benefit. Don't do it.

When you pay your taxes and deductions from your paycheck, what are 2 examples of discretionary spending made by the government with that money? (check 2)

• Military

• Medicare

• Education

• Social Security

Taxable or Not: Tips earned by a server in a fashionable restaurant

• Taxable

• Nontaxable

Not counting 2020 because of COVID-19, this is the last day to e-file or mail federal and state income tax forms or to request an extension (unless it falls on a weekend, then the Monday immediately following).

• January 1st

• January 28th

• April 15th

• June 1st

• June 15th