Fin Lit Chapter 5 Test Review

What date do you have to file taxes by?

• January 31

• April 15

• January 15

• April 18

What is the minimum amount someone makes to pay taxes (2022 numbers)?

• $12,950

• $19,400

• $25,900

• $800

In order to be claimed as a child you must be under 19

• True

• False

Full time college students can be claimed by their parents until they are 24

• True

• False

By what date must employers send out W-2's?

• January 31

• January 15

• April 15

• December 31

Even if you earn less than $12,950 why might you still want to file for taxes?

• You get penalized

• Everyone has to file taxes

• You might get a potential refund

• Improves credit score

What is a pro of having someone file your taxes for you?

• Easier for you-less chance of mistakes

• Costs money

• Faster refund

• None of the above

What is a pro of filing taxes yourself?

• Risk of error

• Saves you money

• Tax expert available

• None of the above

Who fills out form W-2?

• Employer

• Employees

• Universities

• Taxpayers

Who fills out form W-4?

• Employer

• Employees

• Universities

• Taxpayers