Taxes Review

What is your W-2 for? (Select more than one answer)

• To report how much you've paid in taxes in the past year

• To prepare your taxes for filing

• To report how much you've earned in the past year

• They like wasting paper

What is an earned income credit used for?

• A credit for working adults supporting or not supporting children

• A credit for adopting a child in the past year

• A credit to help pay for daycare

• A credit for simply having a child in the family

What is a 1098-T Tax Form?

• A form that provides information that may qualify you for education-related tax credits

• A form that collects taxes on your mortgage and properties

• A form that you fill out when you have a dependent that attends secondary education

• A form that taxes you for vet bills and exotic animal medical expenses

What is a 1099-INT Tax Form?

• A form used to report interest income

• A form used to report earnings from investments

• A form used to write off charity spending and donations

• A form used to pay taxes on your car note

All of the following people should receive W-2 forms EXCEPT…

• Edgar, who works 10 hours/week cleaning pools for $15/hour at WeCleanPools

• Melinda, who works 40 hours/week at a local ice cream shop during the summer

• Marcus, who is on salary as a sales representative at a shoe store, working full-time

• Serena, who is a freelance wedding photographer

What are two important items detailed in your W-2 form? (select two correct answers)

• Wages, tips, and other compensation

• Number of dependents you will claim

• Federal and state taxes withheld from your earnings

• Additional money you want withheld from your paycheck

When should you receive your W-2 form from your employer?

• Attached to every pay stub

• By January 1

• By January 31

• By April 15

Which of the following is the term for a tax rate that increases at higher levels of income?

• FICA tax

• Sales tax

• Flat tax

• Progressive tax

Tags

CCSS.8.F.B.4

CCSS.HSF.IF.B.6

All of the following are found on a W-2 form EXCEPT…

• Wages, tips, and other compensation

• Federal and state taxes withheld

• Sales taxes paid

• FICA taxes withheld

If you’re looking to pay as little as possible to file your taxes BUT you’re worried about making mistakes, which tax preparation method would be your best option?

• Do-it-yourself paper filing

• Online tax preparation service

• Hiring a tax professional

• Requesting the IRS complete your taxes for you