:Taxes

4. What types of taxes contribute to Federal tax revenue?

Corporate income tax, estate tax, income tax, excise tax

18. Which is TRUE about earned income and unearned income?

Earned is how much you make from a job; unearned is how much you make from interest, dividends, etc

3. Which of the following is NOT a category in the Federal government's spending?

interest on loans issued

6. Jess is 21, in college, & has a job that provides 65% of her support. Is she a dependent?

no

2. Our tax money is spent on all of the following EXCEPT:

private school education

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

true

19. If you owe taxes, which of the following is FALSE?

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

5. The W-4 form lets...

your employer know how much to withhold from your paycheck

Who primarily uses our tax money?

The federal government, the state government

17. Luisa earned $1,200 at her part-time job, and $500 from babysitting in cash. Which is TRUE?

She will report her entire income as $1700

14. Which of the following is NOT a way you can file your taxes?

Through your employer's HR department

16. If a teen files a tax return, can the parent still claim him/her as a dependent?

Yes, as long as the teen meets the dependency requirements

12. Jason is 15 and earned $1450 at his job last summer. Should he file a tax return?

Yes, because he may get a refund

11. 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

13. What do you need to file your 1040 or 1040EZ form?

Your W-2, social security number

20. Which is TRUE if you do not pay your taxes?

Your credit score may be impacted

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

false

7. What item would you DEFINITELY see on a paystub?

gross pay

9. The more allowances you claim on your W-4...

the less money is withheld from your paycheck

8. The more allowances you claim on your W-4...

the more money you will see in your paycheck