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Taxes and your paystub
The Tax cycle and Job Paperwork
Teens and Taxes
How to File your Taxes
Lesson 1-4
100

Mandatory government spending includes which of the following?

Social Security and Medicare

100

If your only income is salary paid by your employer, which of these statements about filing your taxes is true?

  1. You need to file your tax return by the end of the calendar year (typically December 31st)
  1. If your employer takes out federal income taxes through payroll withholdings, you do not need to file a tax return
  2. You must file your tax return by the deadline (typically April 15th of the following year) or request an extension by that date
  3. You do not need to pay any income taxes until April 15th, so you should ask your company to wait until after that date to withhold any money
100

When do you start paying income taxes?


When you make more than the minimum income requirement

100

Why is it important to be extremely careful when completing your 1040 form?

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

100

All of the following people would be required to file a tax return EXCEPT…


  1. Janet, who earned $28,200 but was paid entirely in cash
  2. Max, whose total income from three separate part-time jobs was $9,500
  3. Isaiah, who owns his own business and generated an income of $7,000
  4. Dani, who is a cafe barista and earned $18,000 in wages and $250 in tips
200

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

200

Which of the statements about this W-4 is TRUE?

1. Mr. Khan is filing as married filing jointly

2. Mr. Khan is requesting for an additional $50 to be withheld from his paycheck

3. Mr. Khan submitted this W-4 two days after he started working at Little Company Inc.

4. Mr. Khan’s paycheck will have less money withheld from his paycheck since he is claiming a dependent

200

When determining whether you NEED to file a federal tax return, each of these questions matters EXCEPT…


  1. How much income did you earn this year?
  2. What type of income did you earn this year?
  3. What state do you live in?
  4. Are you claimed as a dependent on anyone else's tax return?
200

Which of the following statements about this W-2 form is true?

James paid state income taxes of $1,189.90

200

Marquis is starting a fast food job during his senior year of high school. He lives with his parents and they will claim him as a dependent on their taxes this year. He earns $2000. Based on how he completed his W-4, his employer withheld $200 in federal income taxes from his paychecks. What will happen if Marquis doesn't file taxes in April?

Nothing will happen, but Marquis will miss out on his potential refund

300
  1. How much is being taken out of your paycheck for things like taxes, employer-sponsored health insurance, and retirement

401(k) contribution

300

Elaine just accepted a new job and is working with the company’s HR department to fill out paperwork. Which of the following steps is she responsible for?

  1. Determine how much tax to withhold from her paychecks based on W-4 information
  2. Complete a W-4 form
  3. Send withholding amounts to the federal government
  4. Complete a W-2 form
300

Jessica is 16 years old and earned $1,100 through her photography side gig. Her parents can claim her as a dependent on their tax return. All of the following statements are true EXCEPT…  

  1. Jessica is required to file an income tax return
  2. Jessica should expect to receive a W-2 in January
  3. Jessica is required to pay a 15.3% self-employment tax
  4. Jessica can file her own tax return even though her parents are claiming her as a dependent
300

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


refund

300

Which of the following statements about the W-2 form is TRUE?


  1. A W-2 lists all the money you earned in cash over the last year
  2. The total wages you earned from ALL jobs you worked in the previous year appear on ONE W-2 form
  3. You need a separate W-2 form from EACH of your employers in order to file your taxes
  4. The W-2 includes information about the interest you earned from your investments
400

Juanita has a part-time job that pays $12/hour and works about 50 hours every month. Her withholdings are Social Security (6.2%), Medicare (1.45%) and federal income tax (10%). What is her approximate net pay?

$500

400

What is the name of the tax form that requires you to provide identification and proves you are eligible to work in the U.S.?

I-9

400

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


  1. A child or adult that you support financially
  2. Someone who is temporarily disabled
  3. An adult who financially supports you
  4. Someone who is a full-time student under the age of 30
400

Your friend Laila is talking to you about the benefits of tax filing websites. Which of the following is true?

  1. Filing your taxes using a website is always free of charge
  2. You are guaranteed a higher refund than if you were to use a paper form or hire a professional
  3. If you owe money to the IRS, you receive a discount if you e-file use a tax filing website
  4. You can avoid the costs of having to pay a professional, though you may have to pay for e-filing online
400


Answer the next three questions using the pay stub below.

Question #2 of 3: How much did this person pay towards Medicare in this pay period only?


$5.80

500

Answer the next three questions using the pay stub below.


Question #1 of 3: What was the net (or take-home) pay for this employee for this pay period?

$335.10

500

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

500

Akshay worked at a cafe while he was a college senior in Boston, Massachusetts. After graduating in June, he moved back to his home in California and started a full-time job in September. Which of the following statements is true?

  1. Akshay will need to file only a federal tax return
  2. Akshay will need to file a federal tax return and a state tax return for Massachusetts
  3. Akshay will need to file a federal tax return and a state tax return for both Massachusetts and California
  4. Akshay will need to file a federal tax return this year and file state returns the following year
500

Give two reasons why someone would go to a tax professional (rather than using tax filing software or using the paper forms) to file their tax return.

  • Their filing status may have changed (e.g. From married to divorced, single to married, etc)
  • They may not be comfortable doing their taxes on their own
  • They may not have the time to do their own taxes
  • They have a lot of questions about how to do their taxes and need to refer to a professional
  • They might have had a significant life event that impacts their taxes (buying a house, a large inheritance, etc.)
500

Answer the next three questions using the pay stub below.

Question #3 of 3: How frequently is this employee paid?


Weekly