What tax document is this?
This is the document you fill out when you start a job, that tells your employer how much to withhold in taxes
W4
Your total income before any deductions are taken out is called your ________________.
Gross Pay
Jacob Joyce is 16 years old and made $12,000 at Market Basket throughout the year. Does he need to file a tax return?
No because he makes less than $13,850
What is a dependant?
Someone who relies on someone else financially.
This tax is taken out and helps fund things in your state
State tax
This tax document tells you how much you have made for the year and how much was withheld in taxes
W2
Your total income after deductions are taken out is called your ____________.
Net Pay
Sawyer made $15,000 at the House of Hot Sauce and is 17 years old. Does he have to file a tax return?
Yes because he makes more than $13,850
Who pays income taxes
This tax is taken out and the money is used to help the United States government fund things and pay back their debt.
Federal Taxes
This tax document tells you how much you have made through the year when you are an independent contractor
1099
Which of the following deductions is not a tax?
Medicaid
Social Security
Federal
Health Insurance
Health Insurance
No because her unearned income is less than $1,250.
What happens if you don't pay enough in taxes?
You owe money to the IRS
This deduction withholds money from your paycheck and puts it into a retirement account
401k contribution
This is the form you fill out using the information from your W2. This form tells you how much your tax return will be or if you owe money to the IRS.
1040
When do you have to start paying income taxes?
When you make more than the minimum income requirement
No, since he claimed exempt he has not been paying taxes
What happens when you overpay in taxes?
You get a tax return
This is a deduction that is taken out but is not a tax
health or dental insurance and 401k
You fill out this form to prove that you are a US citizen or that you have a permit to work in the U.S
I9
What does YTD mean?
Year to Date
If you overpaid your taxes and the government owes you money, it is called a ____________.
Refund
When would you need to refile your W4?
When you have a significant change in your life like marriage, having a child, etc
What is social security?
a retirement benefit that you can receive as long as you pay into social security enough