Deductions
Around what percentage of your paycheck does taxes take?
30%
What is a W-2?
A form showing your income, tax deductions, and more.
What is a Text Scam?
Where an unknown sender sends you a link asking for your personal/financial information.
What is a paycheck?
A check given to an employee for their labor.
Max receives a text message from "(404)-863-9017" giving him a link and telling him to give the "IRS" his social security # because they lost it. Is this a scam, why or why not?
This is a scam. IRS already has your taxing information.
Stacey got a paycheck of $800. She noticed that federal tax took $18.61 out of her check. Is this an example of a tax deduction, why or why not?
Yes, this is a form of tax deduction. The federal government deducted from her paycheck.
Purpose of W-4?
Tells how much money needs to be deducted from paycheck.
The "IRS" is asking Lacey for her social security #. Should she give them her social security #, why or why not?
No, she shouldn't, if the person on the phone really is calling on behalf of the IRS, they should already have taxing information like your social security #.
Blake's grandfather gives him a birthday card with a $15 gift card in it. Is this an example of a paycheck, why or why not?
No this isn't, Blake's not receiving this money from his employer for his labor at his job.
Brie works a Wendy's. Her employer gives her $400 as her weekly payment. Someone later steals $20 from her while she's at the store. Is this an example of a tax deduction?
No, this isn't. No mentions of taxes being taken from her check were mentioned, someone took her money without her permission.
London Filed for a tax return. Is this an example of a tax deduction?
No.
Is a job application a tax form, why or why not?
No, a job application is a form filled out to gain a job. It does not have anything to do with taxes.
What is a verification scam?
When you receive a call, text, or email asking you to verify information, trying to suade you to give up personal/financial information.
What's the difference between salary checks and wage checks?
Salary checks are given monthly, while wage checks are given weekly.
Is a 1040ez a tax form?
Yes it is.