W's
Why should you accurately complete a W-4 form any time you start a new job or change your tax status?
Your W-4 determines how much Federal income tax money your employer should withhold
Make sure you are paying right amt of taxes
How does your political party affiliation affect your tax rate?
It does not
Name one pro of preparing your taxes yourself, instead of taking your taxes to be prepared?
You are in charge
save money
Name three things funded by your taxes
Roads, schools, police, fire fighters, traffic lights, military, govenment services, social services
The monthly cost of insurance
premium
When should an employee recieve a W-2 from their employer?
By January 31st
Who is legally required to file a tax return
anyone who makes more thna then minimum tax amount.
A dependent is someone who...
relies on someone else to provide more than half of their financial support.
What are two things you look for on your pay stub to make sure you are paid correctly?
Date, payrate, number of hours, total pay, deductions
Amount you have to pay before insurance starts paying,
deductible
Jay filed his taxes and found out that he owes money. What can he do to prevent this from happening next tax year?
He can decresase the number of withholding and/ or have his employer take out extra using a W-4 form
CHeck and change his W-4 form
This is tax based on the value of owned propoerty, like land, building, or houses.
what is property tax
When you sit down to file your 1040 form, which documents should you have in front of you?
Social Security card, W-2, any other tax documents you received.
When people refer to "TAX day" they mean...
April 15th the deadline for filing your taxes
This is a request for payment that is submitted to your insurance company
Claim
IF you claim a large number of allowances on your W-4 form, your taxes withheld will..
Decrease and you take home pay will increase.
More allowances taken will increase take home pay
What is a 1099 and when is it used
Independent contractor
What form do you use to file a tax return with the IRS?
1040
How do you calculate net pay?
Gross pay - deductions
What is the result of a lower risk?
lower premium
Do earning from saving and investment show on your W-2
No they do not show on your W-2
Can you pay your taxes you owe, using Venmo or apple pay?
NO
What is FICA?
Social Security and Medicare
This is what show how much money you made during the last year and how much you already paid in taxes
W-2
What is a beneficiary?
Person who will receive your life insurance if you pass away.