Taxes

All of the following people can be claimed as a dependent for tax purposes EXCEPT…

• 1. A 23 year old college student whose parents pay all of their expenses

• 1. A 17 year old high school student with a part-time job whose parents pay for all of their expenses

• 1. A 20 year old college student with a paid internship who pays for all of their own expenses

• 1. A 25 year old cousin with no job who has lived in your parent/guardian’s house for the last year

What item would you DEFINITELY see on a paystub

• 
  Retirement

• Gross Pay

• Healthcare

• Your occupation/role

Which of the following taxes is applied to wages, salaries, dividends, and interest earned?

• Corporate Income Tax

• Estate Tax

• Excise Tax

• 
  Income Tax

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

• 
  Social Security

• 
  The Military

• 
  Private School Education

• 
  National Parks

3. Which of the following is not a type of tax that may be withheld from your paycheck?

• 1. Federal income tax

• 1. Social Security tax

• 1. Medicare tax

• 1. Sales tax

2. You are required to file a tax return in all of the following scenarios EXCEPT…

• 1. You made $25,000 working a full-time job

• 1. You made $3,000 from investments in the stock market

• 1. You were self-employed and made $2,500

• 1. You made $9,000 working a part-time job

2. You were unable to file your taxes before the April deadline and your application for an extension was approved. What month was your deadline extended to?

• 1. May

  
  

• 1. October

• 1. December

• 1. January

1. You recently accepted a new job and your first day is next week. What form will you have to complete before you receive your first paycheck?

• 1. W-2

• 1. 1040

• 1. 1099

• 1. W-4

If a teen files a tax return, can the parent still claim him/her as a dependent?

• Yes. All teens are dependents until they are 18 years old

• Yes, as long as the teen meets the dependency requirements

• No. If a teen files a tax return, he/she cannot be claimed

• 
  Yes, but the parent has to add the teen's income to theirs

Which is TRUE if you do not pay your taxes?

• You owe twice as much the following year

• You cannot go to jail (but you will be heavily fined)

• You're more likely to be approved for low interest loans

• 
  Your credit score may be impacted