What form am I?/ Paychecks
A 401k contribution is typically withheld from an employees paycheck to support this (which currently is age 65 and older)
What is retirement.
Joy who is 15, lives with her parents, has no income, and is fully supported by her parents.
What is a dependent?
Earned income of $50,000 from the local grocery store.
What is must file a tax return
The name of the government agency that collects and monitors tax payments
What is the IRS?
This type of spending is required by law and examples include Medicare and Social Security Taxes (aka FICA)
What is mandatory spending?
The name of the form submitted to the government which is used to determine if a tax payer is owed money or owes money to the US government.
What is a 1040
Joe who earned $40,000 is 30 years old and lives in an apartment in Hoboken by himself.
What is Not a dependent
Andy received unearned income from his investments of $7,500. He has no other source of income.
What is must file a tax return.
I claimed $6000 worth of deduction on my W4. Dependents are $2000 per deduction. How many dependents do I have.
What is 3 dependents.
This is the date taxes are due.
What is April 15th?
The name of the form received from all of your employers no later than January 31 which details the income, taxes paid, 401k and health benefit contributions.
What is a W2?
Chris who lives at home, pays for more than 50% of his expenses and earns $15,000.
What is not a dependent.
Cara is self employed and made $10,000 in revenue, and had expenses of $9,900.
What is no, does not need to file a tax return.
If you overpay and withhold too much money throughout the year and the government owes you money, you are entitled to this.
What is a tax REFUND?
This type of spending, which the government CHOOSES to spend money on (example- military, education, transportation), is known as what type of spending?
What is discretionary spending?
What is a W4
Anna who is 95, lives with her daughter, and is solely reliant on her daughter to take care of her.
What is a dependent.
Greg, age 17, earned $150,000.
SECA (Self employment tax that is paid by someone who is self employed) is identical to this type of tax that same person would pay if he or she was not self employed and worked for a company not owned by them. (Said differently, what is the name of the tax that is identical to SECA tax?)
What is FICA tax?
If you request an extension, this is the latest date taxes are due?
What is October 15th?
The name of the tax form that requires you to provide identification and proves you are eligible to work in the US.
What is an I-9
Grandpa, age 65, who lives on his own, needs to be driven to his doctors appointments by his son, age 45, and has only social security income.
What is not a dependent.
Matty, who had unearned income of $1500 and is 18 years old.
What is yes, must file a tax return?
You receive gross income of $20 an hour and work 100 hours per year. Your withholdings are Social Security (6.2%), Medicare (1.45%) and federal income tax (10%). What is her approximate net pay (round to the nearest $100)?
What is $1600.
You worked in Massachusetts for 3 months of the year and then in California for 9 months of the year. This is the total number of state and federal tax forms you are required to submit?
What is 3 (1 for Mass, 1 for Cali, and 1 Federal)