Personal Finance 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

What item would you DEFINITELY see on a paystub?

• Retirement

• Healthcare

• Gross Pay

• Your occupation/role

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

• True

• False

Which of the following is FALSE about the W-2 form? (hint: choose 2 correct answers)

• The W-2 is sent out in April of every year

• It lets you know how much you earned last year

• It lets you know how much was withheld from your paychecks

• You get 1 W-2 form every year, even if you had multiple jobs

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.

True or False: A teen's earned income can be reported on a parent's tax return.

• True

• False

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

FICA taxes are

• U.S. federal payroll taxes imposed on both employees and employers to fund Social Security and Medicare
• U.S. federal payroll taxes imposed on employees only to fund Social Security and Medicare.
• U.S. federal payroll taxes imposed on both employees and employers to fund Social Security.
• U.S. federal payroll taxes imposed on employers only to fund Social Security and Medicare

The form that determines the amount of money withheld for taxes is called a: 

• w4
• i9
• w2
• 1040ez