Taxes Baby

Who primarily uses our tax money? (hint: choose 2 correct answers)

• Your employer

• The state government

• The Federal government

• Local Businesses

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

Money being taxed comes from

• Net Pay

• Gross Pay

• Take Home Pay

• Pay Day...the candybar

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

Filing for many exemptions such as pre-tax dollar items will provide you with a(n)

• Gross Income

• Adjusted Gross Income

• Capital Gains

• Paycheck

A fixed amount all people are allowed to deduct from their adjusted gross income to reduce their tax liability

• Standard Deduction

• Itemized Deduction

When filing for taxes, the government will inform you if you receive or pay the government. This is called

• Tax write-off

• Taxation

• Tax profit

• Tax return

Who pays taxes

• You

• Adults

• Immigrants

• Everyone

6. What type of tax takes a percentage of the money you make on a job?

• a. Income tax

• b. Property tax

• c. Sales Tax

• d. Social Security tax

• e. Medicare tax