WorksheetsTaxes Bell Ringer 4
Total questions: 9
Worksheet time: 5mins
All of the following people can be claimed as a dependent for tax purposes EXCEPT…
A 23 year-old college student whose parents pay all of their expenses
A 17 year-old high school student with a part-time job whose parents pay for all of their expenses
A 20 year-old college student with a paid internship who pays for all of their own expenses
A 25 year-old cousin with no job who has lived in your parent/guardian’s house for the last year
You are required to file a tax return in all of the following scenarios EXCEPT…
You made $25,000 working a full-time job
You made $3,000 from investments in the stock market
You were self-employed and made $2,500
You made $9,000 working a part-time job
What is the purpose of the self-employment tax (SECA)?
To tax self-employed individuals a greater amount than regular employees since they’re more likely to make health insurance claims
To tax self-employed individuals a lesser amount than regular employees since they generally make less money
To tax self-employed individuals an equivalent amount for Social Security and Medicare since FICA taxes aren’t taken out of their paycheck
To tax self-employed individuals a flat amount since they don’t pay federal or state income taxes
Marquis is starting a fast food job during his senior year of high school. He lives with his parents and they will claim him as a dependent on their taxes this year. He earns $2000. Based on how he completed his W-4, his employer withheld $200 in federal income taxes from his paychecks. What will happen if Marquis doesn't file taxes in April?
The IRS will refund his $200 directly to him
The IRS will refund his $200 to his parents
The IRS will fine Marquis $75 or more for not filing taxes
Nothing will happen, but Marquis will miss out on his potential refund
All of the following people would be required to file a tax return EXCEPT…
Janet, who earned $28,200 but was paid entirely in cash
Max, whose total income from three separate part-time jobs was $9,500
Isaiah, who owns his own business and generated an income of $7,000
Dani, who is a cafe barista and earned $18,000 in wages and $250 in tips
Which of the following describes what a "dependent" is for tax purposes?
A child or adult that you support financially
Someone who is temporarily disabled
An adult who financially supports you
Someone who is a full-time student under the age of 30
Jessica is 16 years old and earned $1,100 through her photography side gig. Her parents can claim her as a dependent on their tax return. All of the following statements are true EXCEPT…
Jessica is required to file an income tax return
Jessica should expect to receive a W-2 in January
Jessica is required to pay a 15.3% self-employment tax
Jessica can file her own tax return even though her parents are claiming her as a dependent
When determining whether you NEED to file a federal tax return, each of these questions matters EXCEPT…
How much income did you earn this year?
What type of income did you earn this year?
What state do you live in?
Are you claimed as a dependent on anyone else's tax return?
When do you start paying income taxes?
When you turn 18
When you get a full-time job (part-time does not count)
When you make more than the minimum income requirement
When you are notified by the IRS that you are required to pay federal income taxes
