Tax Basics
A form from your employer showing how much you earned and how much was withheld.
W-2
Can a teen with a part-time job file taxes?
Yes, especially if taxes were withheld—they might get a refund.
If you earn $5,000, do you need to file?
Maybe not—but you should if taxes were withheld (to get a refund).
What month is tax day in the United States?
April
What is the powerhouse of the cell?
The mitochondrion.
The main IRS form used to file your federal income tax return.
What is the 1040 form?
If $3,000 was withheld and you owe $2,100, what’s your refund?
$900.
A freelancer gets a 1099. Do they get tax withheld?
No, they must pay taxes themselves.
What famous American said, “In this world, nothing is certain except death and taxes”?
Benjamin Franklin.
Who wrote the novel 1984?
George Orwell.
Your total earnings before taxes or deductions.
gross income
What’s the difference between a W-2 and 1099?
W-2 is for employees (with withholding); 1099 is for contractors/freelancers (no tax withheld).
You made $18,000 and had no tax withheld. What happens?
You may owe taxes when you file.
In which year was the IRS created?
1862, during the Civil War to fund war expenses.
In math, what is the name of a triangle with all sides of different lengths?
Scalene triangle.
What is the tax filing deadline?
April 15 (or the next business day if it falls on a weekend/holiday).
What happens if you don’t file?
You may face penalties, interest, or lose a refund.
What does the IRS stand for?
Internal Revenue Service.
Which amendment to the Constitution allowed the federal government to collect income tax?
The 16th Amendment (ratified in 1913).
In music, what does “forte” mean?
To play loudly.
Someone you support financially, like a child or relative.
Dependent
Name 3 filing statuses.
Single, Married Filing Jointly, Head of Household.
Why do employers issue a W-2 form?
To show how much they paid you and how much tax was withheld during the year.
What is the maximum penalty for tax evasion in the U.S.?
Up to 5 years in prison and a $100,000 fine.
Which Shakespeare play features the line: “Something is rotten in the state of Denmark”?
Hamlet.