Taxes

What types of taxes contribute to Federal tax revenue? Corporate Income Tax Income Tax Estate Tax Excise Tax

Corporate Income Tax Income Tax Estate Tax Excise Tax

True or False: A teen's earned income can be reported on a parent's tax return.

False

What item would you DEFINITELY see on a paystub? Retirement Healthcare Gross Pay Your occupation/role

Gross Pay

Which of the following is NOT a category in the Federal government's spending Mandatory spending Discretionary spending Interest on loans issued Interest on national debt

Interest on loans issued

Luisa earned $1,200 at her part-time job, and $500 from babysitting in cash. Which is TRUE? She will report her total income as $1,700. She will report her total income as $1,200. She will report her total income as $500. Luisa is required to file a tax return.

She will report her total income as $1,700.

What do you need to file your 1040 or 1040EZ form? Your W-2 Your W-4 Your prior year's tax return Social Security Number

Social Security Number Your W-2

The more allowances you claim on your W-4... The more money you will see in your paycheck The less money you will see in your paycheck The # of allowances has no impact on your paycheck You don't claim allowances on a W-4

The more money you will see in your paycheck

Who primarily uses our tax money? Your employer The state government The Federal government Local businesses

The state government The Federal government

Which of the following is NOT a way you can file your taxes? Through a tax professional Mailing in a paper tax return to the Federal government Using tax software like TurboTax Through your employer's HR department

Through your employer's HR department

True or False: All wages, tips, and bonuses are taxable unless specifically excluded.

True

If a teen files a tax return, can the parent still claim him/her as a dependent? Yes. All teens are dependents until they are 18 years old No. If a teen files a tax return, he/she cannot be claimed Yes, as long as the teen meets the dependency requirements Yes, but the parent has to add the teen's income to theirs

Yes, as long as the teen meets the dependency requirements

Jason is 15 and earned $1450 at his job last summer. Should he file a tax return? No, because he didn't earn enough. No, because you have to be 16 and older to file taxes. Yes, because he may get a refund. Yes. You must file taxes even if you didn't earn enough.

Yes, because he may get a refund.

If you owe taxes, which of the following is FALSE? You can make a payment using cash You can delay your payment deadline With an agreement, you can pay it in installments You can make a payment with a debit, but not credit card

You can make a payment with a debit, but not credit card

Which of the following is FALSE about the W-2 form? You get 1 W-2 form every year, even if you had multiple jobs The W-2 is sent out in April of every year It lets you know how much you earned last year It lets you know how much was withheld from your paychecks

You get 1 W-2 form every year, even if you had multiple jobs The W-2 is sent out in April of every year

Which is TRUE if you do not pay your taxes? You owe twice as much the following year You're more likely to be approved for low interest loans You cannot go to jail (but you will be heavily fined) Your credit score may be impacted

Your credit score may be impacted

The W-4 form lets... The government know how much you paid in taxes last year your employer know how much to withhold from your paycheck the 3 major credit bureaus know how many dependents you have you know how much you paid in taxes last year

your employer know how much to withhold from your paycheck

Which is TRUE about earned income and unearned income? Earned is how much you make from a job Earned is any money you make in interest, dividends, etc. Unearned is any money you make in interest, dividends, etc. Unearned is how much you make from a job

Earned is how much you make from a job Unearned is any money you make in interest, dividends, etc.

Jess is 21, in college, & has a job that provides 65% of her support. Is she a dependent? Yes No

No

Our tax money is spent on all of the following EXCEPT: Social Security The Military Private School Education National Parks

Private School Education