Taxes

Which of the following is NOT a category in the Federal government's spending?

• Mandatory spending

• Discretionary spending

• Interest on loans issued

• Interest on national debt

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

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

• She will report her total income as $1,200.

• She will report her total income as $500.

• Luisa is required to file a tax return.

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

• True

• False

Our tax money is spent on all of the following EXCEPT:

• Social Security

• The Military

• Private School Education

• National Parks

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

• Yes

• No

Who primarily uses our tax money?

• Your employer

• Large corporations

• Federal and state government

• Local Businesses

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

• 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

Which of the following things is TRUE about the W-2 form EXCEPT...

• You get 1 W-2 form every year, even if you had multiple jobs

• It contains information you'll need to fill out a 1040

• It lets you know how much you earned last year

• It lets you know how much was withheld from your paychecks

Earned income is any money you make from things like interest and dividends.

• True

• False

What item would you DEFINITELY see on a paystub?

• Retirement

• Healthcare

• Gross Pay

• Your occupation/role