Taxes - NGPF Review

When do you start paying taxes?

• When you turn 18

• When you make more than the minimum income requirement

• When you get a full-time job (part-time does not count)

• When you are notified by the IRS that you are required to pay federal income taxes

Jessie did not meet the minimum income requirement to file a tax return. What is one reason for why she should file a tax return anyway?

• She could potentially get a refund for the taxes that were withheld from her paycheck.

• She still needs to report her income to the Federal government.

• She can qualify for a higher tax refund next year.

• She is still legally required to file a tax return even if she does not meet the minimum income requirement to owe taxes.

Which of the following does the Federal government spend a LARGE portion of taxpayer money on?

• Education

• Military

• Transportation

• Science

What is the key difference between Net Pay and Gross Pay?

• Net pay is the total amount of money you get BEFORE taxes are deducted.

• Gross pay is the total amount of money you get AFTER taxes are deducted.

• Net pay is the total amount of money you get AFTER taxes are deducted.

• Gross pay is the total amount of money you get BEFORE retirement, healthcare, and dental care have been deducted.

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

• Social Security

• The Military

• Private School Education

• National Parks

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

• Yes

• No

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

• April 15th

• October 15th

• December 31st

• January 1st of the next year

Which is TRUE about earned income and unearned income? (hint: choose 2 correct answers)

• Earned is how much you make from a job

• Earned is any money you make in interest, dividends, etc.

• Unearned is any money you make in interest, dividends, etc

• Unearned is how much you make from a job

Also known as take home pay, this is the amount left after all payroll deductions have been taken from the gross income

• gross pay
• withholdings
• net pay
• real pay

Federal Contribution Insurance Act (FICA) are withheld from your paycheck and sent to the government. These are used for (Two answers are to be selected)

• Social Security

• State

• Medicare

• Sale