personal finance

If you cannot make a tax payment in full, what is the BEST next step to take?

Contact the IRS to see if there is a payment plan that works for you.

You will need to include all of the following information on a W-4 form EXCEPT...

Earned income from previous job

When do you start paying taxes?

When you make more than the minimum income requirement

If you are a dependent, which of the following is TRUE about filing your taxes?

You fill out your own 1040 form and receive a refund or are responsible for paying any taxes you owe.

Which of the following statements about the W-4 form is FALSE?

You get the form in the mail a few months before you file your taxes.

If you are owed a tax refund, then...

You have to file a tax return and meet the regular tax deadline to get your refund.

What is the key difference between Net Pay and Gross Pay?

Net pay is the total amount of money you get AFTER taxes are deducted.

The refund amount or the amount owed for the previous tax filing year

. A W-2 form for every job you held in the past year

Annually, what is the last day to file your taxes without an extension?

April 15

If you are filing taxes for your 2020 income, the due date for filing would be...

April 2021

The number of teens filing federal income tax returns has increased over the last decade.

False

You do not need to pay taxes if you earn income in cash

False

Ben just received his first paycheck in the mail. All of the following are deductions he should expect to see EXCEPT...

Health insurance

Which form do you use to prove that you are eligible to work in the U.S.?

I-9

Which of the following is an example of UNEARNED income?

Investment returns

Which of the following statements about the W-2 form is TRUE?

It identifies how much was withheld in taxes.

When should you receive your W-2 form from your employer?

January 31st

Which of the following does the Federal government spend a LARGE portion of taxpayer money on?

Military

Why might it be DISADVANTAGEOUS to receive a large refund instead of a smaller one?

Receiving a large refund means you were OVERWITHHOLDING from each paycheck, and that's money you could have used throughout the year for other things.

Miguel has been working at his job for 3 years and already filled out a W-4 when he was first hired. This year, he just got married and is planning on filing his taxes jointly with his spouse. What should he do?

Request to fill out a new W-4 from his employer

All of the following people should receive W-2 Forms EXCEPT...

Serena, who is a freelance wedding photographer

Jessie did not meet the minimum income requirement to file a tax return. What is one reason for why she should file a tax return anyway?

She could potentially get a refund for the taxes that were withheld from her paycheck.

Who has to file a tax return?

Sumika - she earned $12,400 over the past year at her internship.

Which of the following statements about the W-4 form is TRUE? (Select all that apply)

The purpose of the form is to let employers know how much money to withhold from an employee's paycheck for taxes and This form is given to employees on their first day on the job.

Gross income is...

Your taxable income BEFORE deductions.

South Dakota, like most states, has a state income tax.

false

All of the following statements about using tax filing software are true EXCEPT...

it is best to use if you have a major life event, such as marriage, divorce, buying or selling a house

Takehome pay is also known as net pay

true

A dependent is someone...

who relies on a parent or guardian for MORE than half of their financial support.