Intro to Taxes

The form you fill out to let your employer know how much money to take out (withhold) of your paycheck.

• W2

• W4

• Tax return

• 1040

The form your employer creates to report your earnings and how much was withheld from your paychecks

• W4

• W2

• 1040

• Tax Return

The amount of money your employer holds back for payment to the government for taxes.

• Tax credit

• Tax items

• Payroll deductions

• withholding

The tax return form you fill out if you have an uncomplicated tax situation with standard deductions.

• W4

• W2

• Tax return

• 1040 EZ

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

By claiming "exempt" on the W-4 form...

• You are paying all income taxes upfront at the START of the year.

• You are requesting an extension to file your taxes

• You will NOT have income taxes withheld from your paycheck.

• You are paying all income taxes at the END of the calendar year.

Jason filed his tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?

• April 15th

• October 15th

• December 31st

• January 1st of the next year

True or False: All wages, tips, and bonuses are taxable unless specifically excluded.

• True

• False

Required charges of citizens by local, state, and federal governments are called:

• charges
• taxes
• fees
• paycheck deductions

Tags

CCSS.7.RP.A.3

With this payment method, employers put the employee’s paycheck into the authorized employee’s bank account 

• paycheck
• payroll card
• direct deposit
•  all are the same

Tags

CCSS.6.NS.B.3