Boring Documents
What is a Work Permit?
This is a document that you would need to obtain if you are 16 years old, and just getting your first job.
What is the IRS (Internal Revenue Service)?
This is the name of the government agency that collects Federal Taxes
What is Direct Deposit?
This is a way of getting paid in which you do NOT receive a paper check. Instead, the money you earned is automatically put into your bank account at each pay period.
What is an I-9?
You complete this form before beginning a new job. The purpose of the form is so that businesses do not hire undocumented workers
Do dependents (teens) have to file taxes?
They do if they make more than $12,550 of earned income tax or $1,100 of unearned income
What is a paycheck stub?
This part of your paycheck lists all of the deductions taken out of your paycheck.
What is a 1099 Form?
It is a collection of forms used to report payments that typically aren't from an employer, such as gambling winnings, or your income if you are an independent contractor. You would use this if you drove for Uber Eats or Instacart.
What is a "progressive" tax system?
People with higher taxable incomes pay higher federal income tax rates, and people with lower taxable incomes pay lower federal income tax rates.
What is a W-2?
This form is a statement that you receive in January that states the amount of money you earned in the past year and taxes paid.
What are State income taxes used for?
Improvement to schools, parks and public transit
What is a W-4?
This is the form you must fill out before starting a new job. It is used to determine the amount of tax that should be taken out from your gross pay
What are federal income taxes used for?
Healthcare, military and your social security