Taxes
April 15
The deadline to file your tax forms is _____.
Anna could google the questions, ask a tax advisor, or ask someone who has done it before.
Ann is in the middle of completing her first 1040EZ tax form. She has some questions about an instruction on the form. What should she do?
The list of goods and services the government provides is actually very long. To pay its bills, the government needs revenue or a source of income, and this revenue comes mostly from taxes; Paying taxes is a way for individuals to pay the government for these services.
In one to two sentences, explain why citizens pay taxes.
IRS
Internal Revenue Service; a government agency that is responsible for collecting taxes
• property • sales • income
Select the different types of taxes.
True
The government uses the revenue from taxes to pay for goods and services for the community.
let your employer know how much to take out of your paycheck for taxes
The purpose of a W-4 form is to _____.
The first time, the IRS would file for you and you'd owe more than you would have if you had filed yourself, plus penalties and interest.
What would happen if you didn't file taxes?
1040EZ
Which is the shortest and simplest tax form?
filing status
a category on tax forms that is closely tied to marital status; categories are: single, married, head of household, and widower
W-4 form
a form prepared by an employee for the employer to specify exemptions and determine the amount of taxes to be withheld from the employee's paycheck
W-2 form
a tax form that an employer sends to employees after the end of the year to list income and amount paid in taxes
tax return form
a tax form that an individual completes to calculate how much is owed to or refunded by the IRS
withholding allowances
an amount an individual enters on a W-4 form that helps an employer calculate the amount of income tax to subtract from an employee's paycheck
dependent
someone who depends on another individual for food, shelter, and other necessities, usually a child