TAXES AND YOUR PAY
The amount a person earns BEFORE taxes are taken out is referred to as THIS.
What is Gross Income?
True or False: The W2 form shows your expected amount of tax return.
What is FALSE?
True or False:
According to the IRS, anyone who has had income tax withheld from their pay should file taxes.
What is true?
If your taxes total 28%, what is your net income if you make $100,000?
What is $72,000?
Name two ways in which you can prepare your taxes
What is: Paper forms; online software; hire tax expert
The governing body that is responsible for collecting US federal taxes.
What is the IRS?
A 20-year-old student with one job who is living at home would file taxes as a: (dependent or independent)
What is a Dependent
True or False: If you cannot afford to pay your taxes, you may set up a payment plan.
What is True?
True/False: When filing taxes, an individual must report all income, which includes wages and income from investment.
What is true.
These two taxes make up this tax.
What are Social Security and Medicare?
In Maryland, three teachers just won the lottery. Do they have to pay tax on their winnings?
Yes - Gift tax.
By claiming EXEMPT on the W-4 form, you are saying that...
You are saying that you do NOT meet the minimum income requirements to file.
Most state taxes go towards this part of the state budget?
What is Education.
What do you need to file your 1040 form?
What is your W-2?
Employers send this form to both individuals and the IRS. It shows how much you've earned and paid in taxes last year.
What is a W2 form?
Luisa earned $1,200 from her part-time job and $500 from babysitting. How much income should she report?
What is $1700
The largest part of state spending is in these two categories.
What is Health and Education?
True or False: You get 1 W-2 form every year, even if you had multiple jobs.
False - you get one from each employer.
Individuals receive their W-2s by the end of January each year, and must complete filing taxes by.
What is April (15th)