2024 Tax Celebration of Learning

Last Name, First Name:

Class Period

• Period 5
• Period 6
• Period 8

In order to fill out this W-4 form, Nick Wilde needed to know all of this information EXCEPT…

• His Social Security number
• His address
• The amount of taxes he’s paid in the last five years
• The number of dependents he plans to claim on his tax return

What is the BEST reason to explain why Nick Wilde did not claim EXEMPT on this W-4 form?

• He is not a dependent and therefore cannot claim EXEMPT
• Nick will make more than the Standard Deduction and therefore will be required to pay taxes
• He has no children, so he can afford to pay additional tax
• Zootopia does not hire individuals with EXEMPT Status

What is the purpose of the W-4 Form?

• To report income from freelance work
• To calculate federal income tax withholding from paychecks
• To pay taxes on the 1040 Form
• To determine if an individual should take the Itemized or Standard Deduction

What day is your employer required to give you your W-2 form?

• Friday
• January 31
• April 15
• Rotating leap years on a full moon

What date are taxes due every year?

• January 31st
• Christmas Day
• April 15th
• When you are notified by the IRS that you are required to pay federal income taxes

The United States has a progressive tax system. This means that:

• All individuals pay the same rate
• You pay the marginal tax percent depending on which bracket you fall into.
• You pay different tax rates across different tax brackets, and those who make less income are typically taxed at a higher rate.
• You pay different tax rates across different tax brackets and those who make more income are typically taxed at a higher rate.

A dependent is someone who...

• relies on someone else to provide a quarter or less of their financial support.
• relies on someone else to provide more than half of their financial support
• is able to financially support themself fully.
• provides financial support for someone else.

Max made less than the Standard Deduction but did not claim EXEMPT for this tax year. He made $10,000 this year. What is the most likely result of his decision to not claim EXEMPT on his W-4 Form?

• Max will receive a Form 1099 since he made more than $600
• Max will have to file taxes to receive the amount of federal tax withheld from his pay as a refund
• Max did not get any federal tax taken out of his paycheck
• Max wil most likely be audited by the IRS because he made less than the Standard Deduction