Unit 1 Test - Taxes

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

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.

Science

Education

Military

Veterans

Political party affiliation

Income earned

Marital status

State

Payroll tax

Property tax

Income tax

Corporate tax

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

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

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.

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

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.

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.

I-9 form(s)

Checking account statements from last year

W-2 form(s)

W-4 form(s)

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.

W-2

I-9

1040

W-4

Retirement Account Distributions

Social Security Benefits

Money Received from Bonuses

Unemployment Compensation

Filing her income taxes

Obtaining employment

Starting her retirement savings

Receiving her paycheck

$2,480.17

$1,722.44

$14,450

$16,172.44

Social security tax

State income tax

Federal income tax

Medicare tax

$2,886.75

$1,781.33

$1,547.24

$1,314.59

Employee's date of birth

Employee's current address

Employer name and EIN (Employer Identification Number)

Employee's Social Security Number

$1,722.44

$836.50

$488

$422