Federal Taxes
When do you start paying income taxes?
When you make more than the minimum income requirement
What does the term "withholding" mean in reference to your paycheck?
How much is being taken out of your paycheck for things like taxes, employer sponsored health insurance, and retirement
You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for taxes?
When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called a __________.
Refund
False
What is the date you must file your taxes or request an extension?
April 15
Mandatory government spending includes:
Which paycheck withholdings puts money into a retirement investment fund that you will manage?
What form records unearned (non-employee) income?
1099
Contract and gig workers are required to file taxes if they make more than _____?
$400
T or F
To be claimed as a dependent you MUST be a citizen of the United States.
False
When does your employer need to mail your W-2?
January 31
Which of the following describes what a "dependent" is for tax purposes?
What is another name for Payroll Taxes?
FICA or Social Security and Medicare
What form is sent by your employer and records your yearly earnings and taxes withheld?
W-2
What is the standard deduction for employee earned income for tax year 2025?
$15,750
You must be under what age to be claimed as a child dependent by Dec. 31st.
19
The tax year ends on:
December 31
If a taxpayer fills out their W-4 in a way that does not withhold enough money to cover their tax obligation, what is the most likely outcome after they file their taxes?
What is an example of a Pre Tax Deduction?
401K
What forms do you need to complete the 1040 form?
W-2 and 1099
If you are due a refund and do not file taxes, what are the consequences?
Nothing!!
A full time college student can be claimed at a child dependent up to what age?
24
What date does the tax year begin?
January 1
What type of government spending does Federal Income tax fund?
What is the standard deduction for self employed and why?
$400 and SECA
What is the purpose of the 1040 form and what does it determine?
Unearned income is not taxed if under what amount?
$1300
To be claimed as an adult dependent you MUST make less than what gross income?
$5050
When are extensions due?
October 15th