Show:
Federal Taxes
Paycheck taxes
forms
filing your taxes
Dependents
Important Dates
100

When do you start paying income taxes?


When you make more than the minimum income requirement

100

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

100

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?


  • W-4
100

When you complete your 1040 form, if you overpaid your taxes and the government owes you money, that is called a __________.

Refund

100
T or F


Dependents are not allowed to file taxes?

False

100

What is the date you must file your taxes or request an extension? 


April 15

200

Mandatory government spending includes:

  • Social Security and Medicare
200

Which paycheck withholdings puts money into a retirement investment fund that you will manage?


  • 401(k) contribution
200

What form records unearned (non-employee) income?

1099

200

Contract and gig workers are required to file taxes if they make more than _____?

$400

200

T or F

To be claimed as a dependent you MUST be a citizen of the United States.

False

200

When does your employer need to mail your W-2?


January 31

300

Which of the following describes what a "dependent" is for tax purposes?


  • A child or adult that you support financially
300

What is another name for Payroll Taxes?

FICA or Social Security and Medicare

300

What form is sent by your employer and records your yearly earnings and taxes withheld?

W-2

300

What is the standard deduction for employee earned income for tax year 2025?

$15,750

300

You must be under what age to be claimed as a child dependent by Dec. 31st. 

19

300

The tax year ends on:


December 31

400

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?


  • They will owe a payment to the IRS
400

What is an example of a Pre Tax Deduction?

401K

400

What forms do you need to complete the 1040 form?


W-2 and 1099

400

If you are due a refund and do not file taxes, what are the consequences?

Nothing!!

400

A full time college student can be claimed at a child dependent up to what age?

24

400

What date does the tax year begin? 


January 1

500

What type of government spending does Federal Income tax fund?


  • Discretionary Government Spending
500

What is the standard deduction for self employed and why?

$400  and SECA

500

What is the purpose of the 1040 form and what does it determine?

  • The 1040 form determines whether you owe additional taxes or are entitled to receive a refund from the government
500

Unearned income is not taxed if under what amount?

$1300

500

To be claimed as an adult dependent you MUST make less than what gross income?

$5050

500

When are extensions due?

October 15th