Taxes Check-In day 2

A form that YOU FILL OUT to provide the information your employer needs to determine the proper amount to withhold from your paycheck. You fill one of these out every time you start a new job or if you get married/divorced/have kids/etc.

A summary of your earnings and withholdings for the year for one employer. Your employer should provided you with one by January 31.

A form that details all "non-employee" compensation. This includes income for completing specific jobs, like freelancers or contractors who are effectively self-employed. This is similar to a W2.

A tax form YOU FILL OUT and file with the IRS that determines the amount of income tax owed in a single year. This form is due by April 15th! (This is the form people fill out when they say they are "doing their taxes")

a person who is 19 or under (24 or under if a full-time college student) who is at least 50% financially taken care of by a parent or guardian

Bob is 16. He lives with his parents. He made $1,250.01 in unearned income. Is Bob REQUIRED to file tax return?

• Yes, he made money this year.

• No, he is not old enough

• No, he did not make $13,850

• Yes, he is self-employed and made over $1,250.

Alice is 26 years old. She lives alone in an apartment, has a part time job, and earned $10,360 last year. Is Alice a dependent?

• No, she is older than 19 and financially supports herself.

• Yes, she didn't make $13,850

• No, she doesn't own a house, she rents an apartment

• Yes, she lives alone

Alex- 23, full time student, makes $7000 a year at a part time job, parents still pay for most of his stuff. Alex is not a dependent.

• False, Alex only makes $7000

• False, Alex is younger than 24, a full-time student, and his parents financially support him

• True, Alex is older than 19

• Cannot tell from information given

True or False.

Net pay is your pay AFTER taxes and deductions

• True

• False

Our tax dollars go to mandatory spending, discretionary spending, and paying interest on debt. Which of the following are mandatory spending?

• Education

• Science

• Social Security

• Medicare

• Federal Taxes