Warm Up: Teens and Taxes

What is the federal agency that deals with taxes?

• IRS

• NSA

• CIA

• FBI

What does it mean to be a dependent from a tax point of view?

• Someone else is financially supporting your basic needs.

• You still live with your parents.

• You are married.

• You are under the age of 18.

Why is it good to file your taxes on time? Select all that apply.

• If you owe money and file late, you will have a penalty on what you owe the government.

• The sooner you file, the sooner you can get your money!

• It's not important to file on time.

• You can go to jail for filing late and jail is bad.

What day of the year are taxes due?

• April 15

• February 1

• December 31

• April 1

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What does the acronym IRS stand for?

• Internal Revenue Service

• International Revenue Suppliers

• Income Reality Service

• It doesn't stand for anything.

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What is withholding from a paycheck?

• The money that your employer takes out to pay your taxes and other federal charges.

• The money you bring home from your paycheck.

• The money your employer takes to pay for office supplies.

• The money you put into your savings account.