Week 2 Review

Why should you accurately complete a W-4 anytime you start a new job or have changes?

• You need a copy of your W4 to file your tax return annually

• Your W4 determines how much Federal income tax $ your employer should withhold

• Your W-4 determines your total tax bill at the end of the year

• Completing a W-4 will guarantee you will receive a large tax refund

Jay filed his taxes and found out he owes money. What is the most reasonable explanation as to why he owes taxes?

• Not enough money was withheld from his paycheck

• Too much money was withheld from his paychecks

• When filing his taxes, Jay accidentally checked "Married filed jointly" instead of " single"

• The IRS is asking Jay for a future advance on his possible taxes for next year

The Federal government spends the most amount of tax money on:

• Science

• Veterans

• Education

• Health

Which of the following people might want to claim EXEMPT on their W-4?

• John - 20 and will earn $12,850 from his internship

• Stacey - 16 and will earn $7,500 from her PT job

• David - 23 and will earn $15,000 from his PT job

• Hannah - 25 and will earn $55,000 from her FT job

Who is legally required to file a tax return? (Note: All of the following people can be claimed as a dependent)

• Madison - earned $350 from her cake business

• Matthew - received $800 in investment income

• Greg - earned $1,250 from PT job

• Risha - earned $15,600 from her internship

When people refer to "Tax Day" they mean.....

• January 1 - the first day of the calendar year

• April 18 - the typical deadline to file yiur taxes

• December 31 - last day to earn income and have it count toward that tax year

• Whatever day your tax refund comes in the mail

A dependent is someone who:

• Relies on someone else to provide a quarter or less of their financial support

• Relies on someone else to provide more than half of their financial support

• Is able to fully financially support themselves

• Provides financial support for someone else

When you sit down to file your 1040 form, which document(s) should you have in front of you?

• W-2 forms

• W-4 forms

• I-9 forms

• Checking account statements from last year

All of the following are ways to pay any taxes you owe EXCEPT:

• Using your debit or credit card to make an online payment

• Sending a check

• Make a payment directly from your bank account

• Use an app

What form do you receive if you are not a permanent employee and no taxes are withheld?

• 1040

• 1099

• W-2

• W-4