Tim worked part-time last year from October through December. It’s now February and he’s preparing to file his taxes. Explain what he needs to do -- and when -- in order to file his taxes. Your answer should be in full sentences.
Question 2
2.
What was Jose's take-home pay this pay period?
Question 3
3.
How much has Jose paid in Social Security Tax since the beginning of the year?
Question 4
4.
How much Medicare tax has been deducted from his current pay?
Question 5
5.
What is the total amount of Jose’s deductions for this paycheck?
Question 6
6.
Question 7
7.
Question 8
8.
Question 9
9.
Question 10
10.
Question 11
11.
Why should you accurately complete a W-4 form any time you start a new job or change your tax status?
Your W-4 determines how much Federal income tax money your employer should withhold
Your W-4 determines your total tax bill at the end of the year
Completing a W-4 will guarantee you receive a large tax refund
You need a copy of your W-4 to file your tax return annually
Which of the following people might want to claim EXEMPT on their W-4 form?
Hannah, who is 25 and expects to earn $55,000 from her full-time job.
Stacey, who is 16 and expects to earn $7,500 from her part-time job.
John, who is 20 and expects to earn $13,850 from his internship.
David, who is 23 and expects to earn $15,000 from his part-time job.
The Federal government spends the most amount of tax money on...
Science
Education
Military
Veterans
All of the following are factors that impact the amount someone may pay in taxes EXCEPT...
Political party affiliation
Income earned
Marital status
State
Which of the following is the largest source of income for the Federal government?
Payroll tax
Property tax
Income tax
Corporate tax
Which person should expect to receive a W-2 form from their employer by January 31st, 2025?
Kelly, who has worked for the same department store for the last 15 years
Jose, whose first job started on January 10, 2025
Marcy, who has sold handcrafted vases online for the past 5 years
Arnie, who did an unpaid internship in summer 2024 for a local newspaper
All of the following information should appear on your W-2 form EXCEPT...
The amount you paid during the last year for Medicare and Social Security
Your wages, tips, and compensation from that particular employer
Your name, address, and employer information
Your interest earned on savings and investments
Who is legally required to file a tax return? (Note: All of the following people can be claimed as a dependent.)
Madison, who earned $350 from her cake business.
Matthew, who received $800 in investment income.
Risha, who earned $14,600 from her internship.
Greg, who earned $1,250 from his part-time job.
When people refer to "Tax Day" they mean...
April 15, the deadline to file your taxes
January 1, the first day of the calendar year
Whatever day your tax refund comes in the mail
December 31, the last day to earn income and have it count toward that tax year
Which statement about filing a tax return is FALSE?
Filing with a tax professional may be good for those people who got a divorce, bought a house, or changed their financial situation in another major way.
You need to file a tax return if you earned more than $13,850 in 2023.
People who are not familiar with filing taxes should not use e-filing software, because there is no access for support if they need it.
Paper filing your tax return is free, but it takes longer to process.
A dependent is someone who...
relies on someone else to provide a quarter or less of their financial support.
is able to financially support themself fully.
relies on someone else to provide more than half of their financial support.
provides financial support for someone else.
When you sit down to file your 1040 form, which document(s) should you have in front of you?
I-9 form(s)
Checking account statements from last year
W-2 form(s)
W-4 form(s)
Which of the following high schoolers would be considered a self-employed contractor?
Joel, who delivers his neighborhood's newspapers on weekday mornings.
Shrini, who mows lawns for his neighbors after school.
Kelly, who makes homemade jewelry in her spare time and sells them through her online store.
Amy, who babysits during the week and weekends.
What form do you use to file a tax return with the IRS?
W-2
I-9
1040
W-4
Which is a type of EARNED income?
Retirement Account Distributions
Social Security Benefits
Money Received from Bonuses
Unemployment Compensation
Lily receives this W-2 form in January. She will use this W-2 form to assist her with...
Filing her income taxes
Obtaining employment
Starting her retirement savings
Receiving her paycheck
What were Lily’s gross wages for this period?
$2,480.17
$1,722.44
$14,450
$16,172.44
Based on the W-2 form provided, what was the largest withholding?
Social security tax
State income tax
Federal income tax
Medicare tax
What was the total amount deducted from Lily’s pay for Federal, State, and Local income tax?
$2,886.75
$1,781.33
$1,547.24
$1,314.59
All of the following employee information is included on a W-2 form EXCEPT...
Employee's date of birth
Employee's current address
Employer name and EIN (Employer Identification Number)
Employee's Social Security Number
As Lily files her taxes, she learns that her federal total tax due ends up being $244. According to her Federal income tax withheld, how much of a tax refund can she expect back?
