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
What is the largest source of income for the Federal government?
Income tax
When people refer to "Tax Day" they mean...
April 15th - the deadline to file your taxes
Tamara found out that she owes $3,200 in taxes. She cannot afford to pay the entire amount right now, so she is going to arrange an installment plan with the IRS. What is the one thing that Tamara should be prepared for?
She will pay more than $3,200 because she will be paying additional money in interest with each payment.
How do you calculate Net Pay?
Gross Pay - deductions
When should an employee receive a W-2 from thier employer?
It should be mailed by January 31st.
Name 3 things funded through your taxes.
Roads, Schools, Police, Fire Fighters, Traffic Lights, Military, Government Services, Social Services, etc.
How does your political party affiliation affect your tax rate?
It does not.
There are many ways to pay the taxes you owe. Is Venmo a good option?
No - the IRS does not take Venmo.
What form do you use to file a tax return with the IRS?
1040
Do earnings from saving and investment show on your W-2?
Earnings on interest from saving and investing do not show on your W-2.
What does it mean when we say the US tax system is a progressive tax system?
Our current system is described as being a progressive system because it imposes higher rates on those who earn more.
Who is legally required to file a tax return?
Anyone who make smore than the minimum tax amount.
A dependent is someone who...
relies on someone else to provide more than half of their financial support.
Are cash tips taxable?
Yes