Worksheets10.3 #3 do they need to file taxes?
Total questions: 20
Worksheet time: 3hrs 9mins
https://www.1040.com/assets/PDF/Dependents-TY21.pdf
Visit this resource. Who CAN be claimed as a dependent? Select all that apply.
21 years old
Lives in Minnesota where he attends college full-time
Parents live in Wisconsin and pay for over 50% of his expenses
20 years old
Lives in Maine with her parents and works full time
Parents don’t contribute anything to her expenses
50 years old
Lives with parents
Gross income is $3,000
This person pays for half of house expenses
22 years old
Lives with stepparent
Attends college full time
Parent pays for over 50% of expenses
TRUE or FALSE: Only U.S. citizens can be claimed as a dependent for tax purposes.
True
False, citizens of Canada and Mexico can be claimed
False, citizens of US and Canada can be claimed
False, citizens of England can be claimed
https://docs.google.com/document/d/1TBZZxM67rtFtiVEeVAESo7W4QSBzcypYBNfz6SJ5e9I/edit?usp=sharing
6) Open the link to look at requirements for filing taxes. Which of the following people is/are legally required to file a tax return? Select all that apply.
Person A, who can be claimed as a dependent and earned $850 last year but was not self-employed
Person B, who can be claimed as a dependent and earned $14,200
Person C, who cannot be claimed as a dependent and earned $1,500 last year but was not self-employed
Person D, who cannot be claimed as a dependent and earned $15,000 last year
https://docs.google.com/document/d/1TBZZxM67rtFtiVEeVAESo7W4QSBzcypYBNfz6SJ5e9I/edit?usp=sharing
The resource mentions that if the IRS owes you a refund, you won’t be penalized if you file your tax return late. How long do you have to file a return to get a refund if you did not have to file taxes?
3 years
1 year
2 years
3 months
7 years
https://docs.google.com/document/d/1TBZZxM67rtFtiVEeVAESo7W4QSBzcypYBNfz6SJ5e9I/edit?usp=sharing
When filling out a W-4 form, in what situation would a teen want to claim exemption from federal income taxes being withheld from their paycheck?
They could claim exemption if they don’t expect to earn more than the minimum income threshold to file a tax return.
They won’t have to file a return and wait to get a refund.
They could pay more taxes by claiming an exemption.
They would be able to invest less by paying more taxes that the IRS says they owe.
https://docs.google.com/document/d/1TBZZxM67rtFtiVEeVAESo7W4QSBzcypYBNfz6SJ5e9I/edit?usp=sharing
What is the amount of the self-employment tax (SECA) and how does it compare to FICA taxes?
Select 2.
15.3%
self-employment tax (SECA) = FICA
self-employment tax (SECA) > FICA
7.5%
self-employment tax (SECA) < FICA
https://docs.google.com/document/d/1TBZZxM67rtFtiVEeVAESo7W4QSBzcypYBNfz6SJ5e9I/edit?usp=sharing
What is the income threshold for self-employed workers to file a return?
$400
$13,850
$14,000
$1,250
$15
https://docs.google.com/document/d/1TBZZxM67rtFtiVEeVAESo7W4QSBzcypYBNfz6SJ5e9I/edit?usp=sharing
Go to page 3.
Which of these is received without doing any work?
Earned income
Unearned income
W-2 tax liability
Active income
Wages
https://docs.google.com/document/d/1TBZZxM67rtFtiVEeVAESo7W4QSBzcypYBNfz6SJ5e9I/edit
Organize these options into the right categories
wages
tips
salary
dividends
interest
rental income
active
passive
earned
unearned
https://www.hrblock.com/w-4-calculator/
If you are getting a new job after you graduate, you will need to fill out a W-4.
How do you figure out your tax withholding on a W-4? Use the calculator. Click Calculate my W-4. Click Single. Yes for head of household. 18. One. 40,000. Biweekly. 0. 0. No. None apply. No dependents. 0 for other credits. Yes for standard deduction. None apply.
What is the minimum you must withhold per pay period to get a refund of $5? Keep the hrblock window open.
$28
$10
$200
$300
$32
https://www.hrblock.com/w-4-calculator/
If you withhold an additional $200 per pay period (click and drag the green dot to $200), what is your estimated refund? Keep the hrblock window open.
$3273
$277
$2237
$3007
$3203
The minimum you need to withhold additionally is $28. Slide the minimum additional withholding per pay period down to $0. What happens to your refund?
$200 refund
owe $527
$327 refund
owe $5
owe $28
Review: Match the following
I-9
Proves you are eligible to work here
W-2
Income you got and taxes paid
W-4
Withholding form at start of work
1040
Federal tax form due in April
1099
Income but you were not an employee
When should you receive your W-2 form from your employer?
Attached to every paystub
By January 1st
By January 31st
By April 15th
When are federal taxes due every year?
April 15
January 31
January 1
January 29
April 1
