The amount of federal income tax to withhold from your pay is based on

the number of withholding allowances

What are three ways you have benefited from taxes today?

Schools, Libraries, and Clean Communities

Highway Signs, Highways, and bike reflectors

Police Officers, Teachers, and the Internet

Tax on Earned and Unearned Income

Taxes on the Wages you earn from your Employer

Tax on Earned and Unearned Income

Taxes on the Wages you earn from your Employer

What is Federal Income Tax?

A tax that supports the federal governmen all its systems, highway construction and the military.

Funds the Disney Corporation with money it needs to operate.

Money that supports the Executive, Legislative, and Prejudicial branch of the government.

A tax that supports the air traffic navy platoon system, the national board of realtors as well as the web of excessive disproportionate growth.

What is State Income Tax?

The Taxes that pay for Schools, Libraries, and Police Departments

Taxes Paid by the Federal Government

Taxes Mandated by the Federal Government

Taxes Mandated by the State Government to pay for the Legal System in the United States

A medical program for senior citizens

A retirement supplement program

A program for Low-Income Families

your employer know how much to withhold from your paycheck

the government know how much you paid in taxes last year

the 3 major credit bureaus know how many dependents you have

you know how much you paid in taxes last year

The more allowances you claim on your W-4...

The more money you will see in your paycheck

The less money you will see in your paycheck

The # of allowances has no impact on your paycheck

You don't claim allowances on a W-4

The more allowances you claim on your W-4...

The less money is withheld from your paycheck

The more money is withheld from your paycheck

The # of allowances doesn't impact how much $ is withheld

You claim allowances on a W-2, not the W-4

Which of the following is NOT a way you can file your taxes?

Through your employer's HR department

Mailing in a paper tax return to the Federal government

Using tax software like TurboTax

If a teen files a tax return, can the parent still claim him/her as a dependent?

Yes, as long as the teen meets the dependency requirements

Yes. All teens are dependents until they are 18 years old

No. If a teen files a tax return, he/she cannot be claimed

Yes, but the parent has to add the teen's income to theirs

Which is TRUE about earned income and unearned income? (hint: choose 2 correct answers)

Earned is how much you make from a job

Unearned is any money you make in interest, dividends, etc

Earned is any money you make in interest, dividends, etc.

Unearned is how much you make from a job

U.S. federal payroll taxes imposed on both employees and employers to fund Social Security and Medicare

U.S. federal payroll taxes imposed on employees only to fund Social Security and Medicare.

U.S. federal payroll taxes imposed on both employees and employers to fund Social Security.

U.S. federal payroll taxes imposed on employers only to fund Social Security and Medicare

tax paid on the money you earn each year

Money your employer pays to you

Money you earn and put into the bank

Why is Form W-4 completed, and when should a new W-4 be completed?

It is completed so employers can withhold the correct federal income tax from paychecks. A new W-4 should be completed each year and when personal / financial situations change.

It is completed only if you are not exempt from taxes due to being a full time student.

It is completed only if you claim the head of household filing status on your return by being unmarried and paying more than 50% of the costs of keeping up a home for yourself and dependents.

It should be completed if you are not a Nonresident Alien.

Tax Unit

Authored by Polly Koebe

Other

10th - 12th Grade

CCSS covered

Used 6+ times

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45 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Total income for the year

gross income

taxable income

net pay

unearned income

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The annual wage and tax report from your employer

W-4

Form 1040 EZ

W-2

Form 1040

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Money that an employer takes from your paycheck to be used for taxes is called

interest income

withholding

dividend income

unearned income

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The deadline to file your annual tax return

March 15

April 30

April 15

March 30

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The form that helps the employer determine how much to deduct for federal income tax

W-2

W-4

Form 1040 EZ

Form 1040

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Agency responsible for collecting federal taxes

FTC

OSHA

CPSC

IRS

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Interest and dividend income

gross income

net pay

earned income

unearned income

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Tax Unit

Total income for the year

The annual wage and tax report from your employer

Money that an employer takes from your paycheck to be used for taxes is called

The deadline to file your annual tax return

The form that helps the employer determine how much to deduct for federal income tax

Agency responsible for collecting federal taxes

Interest and dividend income

Free from federal tax withholding

The amount of federal income tax to withhold from your pay is based on

Which of the following types of income is used to determine your tax liability for the year?

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