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

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.

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

• True

• False

Which is TRUE about earned income and unearned income? (hint: choose 2 correct answers)

• Earned is how much you make from a job

• Earned is any money you make in interest, dividends, etc.

• Unearned is any money you make in interest, dividends, etc

• Unearned is how much you make from a job

Federal Contribution Insurance Act (FICA) are withheld from your paycheck and sent to the government. These are used for (Two answers are to be selected)

• Social Security

• State

• Medicare

• Sale

When you are ready to file for taxes you must have form

• W-2

• W-6

• WD40

• W-2484

When do you start paying taxes?

• when you turn 18

• when you get a full-time job (part-time does not count)

• when you are notified by the IRS that you are required to pay federal income taxes

• when you make more than the minimum income requirement

Which of the statements below is TRUE about filing your taxes, assuming your only income comes from the salary you earn

• you need to file your tax return by the end of the calendar year (typically December 31st)

• if your employer takes out federal income taxes through payroll withholdings, you do not need to file a tax return

• you must file your tax return by April 15th of the following year or request an extension by that date

• you do not need to pay any income taxes until April 15th, so you should ask your company to wait until after that date to withhold any money

You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for federal and state income taxes?

• W-2

• 1099

• W-4

• I-9

What form am I? I am received when you start a job. You use me to prove that you are eligible to work in the US, and you must provide forms of identification when submitting me.

• I-9

• 1099

• 1040

• W-4