Tax Simulation Flashcard

Front

Our tax money is spent on all of the following EXCEPT: Social Security, The Military, National Parks

Back

Private School Education

Front

The W-4 form lets...

Back

your employer know how much to withhold from your paycheck

Front

Jess is 21, in college, & has a job that provides 65% of her support. Is she a dependent?

Back

No

Front

By claiming "exempt" on the W-4 form...

Back

You will NOT have income taxes withheld from your paycheck.

Front

When should Jason pay his owed tax amount to avoid a fee?

Back

April 18th

Front

True or False: All wages, tips, and bonuses are taxable unless specifically excluded.

Back

True

Front

Should Jason, who is 15 and earned $1450 at his job last summer, file a tax return?

Back

Yes, because he may get a refund.

Front

Which of the following is NOT a way you can file your taxes?
Options:
Through a tax professional
Mailing in a paper tax return to the Federal government
Using tax software like TurboTax
Through your employer's HR department

Back

Through your employer's HR department

Front

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

Back

Yes, as long as the teen meets the dependency requirements.

Front

Luisa earned $1,200 at her part-time job, and $500 from babysitting in cash. Which is TRUE?

Back

She will report her total income as $1,700.