Income and Taxes

What date must you file your taxes by?

April 15

Children under 19, anyone who is permanently disabled, and full-time students under 24 can be what?

A dependent

To claim another relative the person cannot have a gross yearly income over how much?

$4,300

You must pay taxes if you're self-employed and earn more than (regardless of dependent status)

$400

What are the most important factors to consider in choosing a job?

1. A combination of salary and the benefits package that each firm is offering 2. The city that each firm is located in 3. The career opportunities that each firm offers beyond the entry-level position

To claim a child they must be _____ or younger at the end of the year.

19

You can be claimed as a dependent if you are a full-time student until what age?

24

If you move states, which state do you have to file taxes for?

Both

What are the ways to pay your tax owed?

Debit or credit card online/over the phone, auto transfer from a bank account, write a check and mail it to the IRS

1040

Employees complete this annually to file taxes. Info comes from W-2.

True or False dependents do not have to have a taxpayer identification number.

False

Which form am I? I am received when you start a job. You use me to prove that you are eligible to work in the US, and you must provide forms of identification when submitting me.

I-9

W-2

It provides the income and tax information you need to complete a 1040 form. This tells the IRS what the employee earned in the previous year. Small business owners and large businesses are required to submit. Received by January 31st.

What date must you receive the W-2 by?

January 31st

If you request an extension, what is the new date?

October 15

When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called a _______?

Refund

W-4

Tells the employer how much to withhold from the employee. Every employee must file this when starting a job.

To claim another relative how long must they live with you?

The person must be either related to you or must have lived with you all year as a member of your household.

What does the term "withholding" mean in reference to your paycheck?

This term means how much is being taken out for taxes.

True or False You need a separate W-2 form from EACH of your employers in order to file your taxes.

True

True or False dependents can be married

True

True or False dependents can have their own tax returns

True

I-9

Used to verify the identity and employment authorization of individuals hired for employment in the United States.

At what point in the hiring process might you be expected to complete forms for taxes, health insurance, and other company benefits?

Very early, in the first few days.

Which tax form am I? I am received in January. There is one of me for every employer that you worked for in the previous year. I have information on how much you earned and how much you paid in taxes for the previous calendar year.

W-2

Which form will determine how much money is withheld from your paycheck for federal and state income taxes?

W-4

What tax forms are you responsible for upon hire?

W-4, I-9, state withholding form

When do you start paying taxes?

When you make more than the minimum income requirement.

If you are a dependent, under the age of 65, and single, you must pay taxes if you have an unearned income of how much?

more than $1,100

If you are NOT a dependent, under the age of 65, and single, you must pay taxes if you earn how much?

more than $12,200

If you are a dependent, under the age of 65, and single, you must pay taxes if you earn how much?

more than $12,200

How long does a child have to live with you to claim them?

six months

Who is the W-2 for?

the employee

Do dependents have to be U.S. citizens?

yes