Tax Basics - 8th Period

Front

Which of the statements below is TRUE about filing your tax return?
You need to file your tax return by the end of the calendar year (typically December 31st).
If your employer takes out federal income taxes through payroll withholdings, you do not need to file a tax return.
You must file your tax return by April 15th of the following year. Or you can request an extension by that date but you must pay any taxes owed by April 15th.

Back

You must file your tax return by April 15th of the following year. Or you can request an extension by that date but you must pay any taxes owed by April 15th.

Front

Which of the following describes a "dependent" for tax purposes? A qualifying child or relative who relies on you for financial support. A qualifying child or relative who is temporarily disabled. A qualifying person who financially supports you. Any qualifying person or pet who relies on you for financial support.

Back

A qualifying child or relative who relies on you for financial support.

Front

Which of the following statements about the W-2 form is TRUE? A W-2 lists all the total deductions for your Federal Income Tax return. The total wages you earned from ALL jobs you worked in the previous year appear on ONE W-2 form. You need a separate W-2 form from each of your employers in order to file your tax return. The W-2 includes information about the interest you earned from your investments.

Back

You need a separate W-2 form from each of your employers in order to file your tax return.

Front

If the amount withheld by your employer results in an overpayment of income taxes you are likely eligible for a ________.

Back

refund

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The government agency overseeing the collection of income taxes.

Back

Internal Revenue Service

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Not filing a tax return is a crime.

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True

Front

_________________ are the primary source of revenue for the federal government.

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Income taxes

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Filing status is a category that determines your tax liability based on your ___________.

Back

marital status

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Elyse shows you her W-2. She wants to know when she has to file her tax return.

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No later than April 15, 2022.

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A dependent is...

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an individual who relies on someone else for financial support, such as a child, a spouse, or an elderly parent.