Personal Finance (Taxes)

True or False. You have to file your taxes by April 17th.

False

True or False. If you make less than $14,600 you are still required to file a tax return.

false

True or False. Filling out a 1040 correctly is not important because you will still receive a tax return. 

False 

True or False. The federal government spends most of the taxpayers money on Health, Military, and Interest on Debt. These are called Discretionary spending. 

True 

True or False. It is important to know if you are claimed as a dependent on someone else’s tax return.

True

The amount of money that is taken out of each paycheck for taxes is called _____.

Withholdings

What is a dependent? 

someone who is supported by a different person. 

What does it mean when you exempt on your W-4?

You don’t want federal and state taxes withheld from your paycheck.

What are some things that the federal government used tax dollars for?

roads, parks, clean water, public libraries

What types of income are taxable? 

wages, salaries, tips, bonuses, investments 

What form do you fill out when you first get a new job?

W-4

What is the form I have to fill out that verifies that I can work in the U.S.?

I-9

If you make more than ____, you are legally required by law to file a tax return.  

$14,600

If you are self-employed and you make more than ____, you have to file a tax return.

$400

What is a benefit of tax filing software?

You can file online, faster to get a refund, you don’t have to pay a professional

If you overpay in taxes you are eligible for a ____.

Refund 

When should you receive your W-2?

By January 31st

When is Tax Day?

April 15th

True or false. Net pay is after taxes are deducted. 

True 

True of False. You only start paying taxes after you turn 18.

False

True or False. If you owe taxes, you can write the IRS a check.

True

True or False. I will only receive one W-2 form that will have both of my jobs on it.

False

True or False. If you worked in more than one state during that year, you should only file a tax return in the state that you work in now. 

False