Insurance and Taxes

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

• Your employer

• The state government

• The Federal government

• Local Businesses

Our tax money is spent on all of the following EXCEPT:

• Social Security

• The Military

• Private School Education

• National Parks

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

Jess is 21, in college, & has a job that provides 65% of her support. Is she a dependent?

• Yes

• No

What item would you DEFINITELY see on a paystub?

• Retirement

• Healthcare

• Gross Pay

• Your occupation/role

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.

Jason filed his 2021 tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?

• April 18th

• October 15th

• December 31st

• January 1st of the next year

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.