Understanding Taxes

What types of taxes do we pay?

• Federal Income Tax

• State Income Tax

• Social Security

• Medicare

• All of the above

Taxes support the city, state, and federal public services.

• True

• False

How do we pay taxes?

• taken out of paycheck

• filing annual federal income taxes

• All of the above

• None of the above

When does the W-4 Form get filled out?

• Yearly

• When personal or financial situations change

• When you get a new job

• All of the above

• None of the above

This form tells your employer how much money to withhold from your paycheck for federal income taxes.

• W-4

• W-2

• 1040

• 1098-T

• 1098-E

The wage and tax statement form is the

• W-4

• W-2

• 1040

• 1098-T

• 1098-E

Single dependents must file taxes if:

• Your unearned income was more than $1,050

• Your earned income was more than $12,000

• All of the above except for dependents don't file taxes

• Dependents don't file taxes

A dependent is someone:

• under the age of 19 who is not head of household

• under the age of 24 who is a full time student

• who is permanently and totally disabled at any time during the year regardless of age

• All of the above

The form used by taxpayers to file an annual income tax return.

• 1040

• W-2

• 1098-T

• 1095-C

• 4868

The student tuition form is

• 1098-T

• 1098-E