Taxes - Unit 9

When do you have to start paying income taxes?

• When you get a full-time job

• When you earn more than the minimum required income

• At age 18

• When the IRS notifies you

Why is it important to be careful when filling out your 1040 form?

• The 1040 form shows if you owe taxes or get a refund

• Mistakes make you ineligible for work next year

• A mistake will stop you from getting future refunds

• Filling it out wrong will change how much tax is taken from your paychecks

Which paycheck withholding puts money into a retirement fund you manage?

• Federal income taxes

• 401(k) contribution

• Medicare

• Social Security

Which of these does NOT affect whether you need to file a federal tax return?

• Are you claimed as a dependent on anyone else's tax return?

• How much income did you earn this year?

• What state do you live in?

• What type of income did you earn this year?

Elaine just started a new job. Which step is she responsible for?

• Fill out a W-4 form

• Send tax withholdings to the government

• Fill out a W-2 form

• Decide how much tax to withhold from her paychecks

Which tax form proves you are eligible to work in the U.S.?

• 1040

• W-4

• I-9

• 1099

Which statement about this W-2 form is true?

• Lily paid $1,189.90 in state income taxes

• Lily works in the same city as Avia Consulting

• Avia Consulting will use this W-2 to file their 1040 form

• Lily earned about $117,000 based on her Wages, Social Security wages, and Medicare wages

If you paid too much tax and the government owes you money, what is this called?

• deduction

• refund

• withholding

• direct deposit

What is the net pay for this pay period?

• $2,680.80

• $335.10

• $400.00

• $3,200

How much was paid for Medicare in this pay period?

• $24.80

• $5.80

• $44.50

• $52.20