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, in college, & has a job that provides 65% of her support. Is she a dependent?

• Yes

• No

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.

What do you need to file your 1040 form? (hint: choose 2 correct answers)

• Your W-2

• Your W-4

• Your prior year's tax return

• Social Security Number

If a teen files a tax return, can the parent still claim him/her as a dependent?

• Yes. All teens are dependents until they are 18 years old

• No. If a teen files a tax return, he/she cannot be claimed

• Yes, as long as the teen meets the dependency requirements

• Yes, but the parent has to add the teen's income to theirs

Luisa earned $1,200 at her part-time job, and $500 from babysitting in cash. Which is TRUE?

• She will report her total income as $1,700.

• She will report her total income as $1,200.

• She will report her total income as $500.

• Luisa is required to file a tax return.

Tags

CCSS.7.EE.B.3

Which is TRUE if you do not pay your taxes?

• You owe twice as much the following year

• You're more likely to be approved for low interest loans

• You cannot go to jail (but you will be heavily fined)

• Your credit score may be impacted

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

Curtis purchased a new pair of jeans for $18. When Curtis pays for his jeans his total is almost $20 because of taxes. Which type of tax does Curtis pay?

• Payroll Tax

• Income Tax

• Sales Tax

• Property Tax

Tags

CCSS.6.RP.A.3B

Your parents pay a tax each year of $3500 that is 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

Jason pays taxes each year to the federal government based off his yearly income. These taxes help pay for thinks like roads, bridges, and fire fighters. Which type of tax does Jason pay?

• Payroll Tax

• Income Tax

• Sales Tax

• Property Tax

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5