Taxes

Which of the following is NOT a way you can file your taxes?

• Through a tax professional

• Mailing in a paper tax return to the Federal government

• Using tax software like TurboTax

• Through your employer's HR department

What is the purpose of a 1099 form?

• To declare your tax deductions

• To apply for a tax extension

• To report your annual salary from your employer

• To report income from self-employment or freelance work

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

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

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

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

True or False: All wages, tips, and bonuses are taxable unless specifically excluded.

• True

• False

Which is TRUE if you do not pay your taxes?

• You owe twice as much the following year

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

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

• Your credit score may be impacted

Luisa earned $1,200 at her part-time job, and $500 from babysitting in cash. Which is TRUE?

• She will report her total income as $1,700.

• She will report her total income as $1,200.

• She will report her total income as $500.

• Luisa is required to file a tax return.

The W-4 form lets...

• the government know how much you paid in taxes last year

• your employer know how much to withhold from your paycheck

• the 3 major credit bureaus know how many dependents you have

• you know how much you paid in taxes last year

What is the primary purpose of a W-4 form?

• To report your annual income to the IRS

• To declare your tax deductions

• To apply for a tax refund

• To determine the amount of tax to withhold from your paycheck

Which of the following is NOT considered taxable income?

• Interest from a savings account

• Wages from a job

• Gifts from family members

• Dividends from stocks

Jason is 15 and earned $1450 at his job last summer. Should he file a tax return?

• No, because he didn't earn enough.

• No, because you have to be 16 and older to file taxes.

• Yes, because he may get a refund.

• Yes. You must file taxes even if you didn't earn enough.