Tax for Teens. Vocab/Definitions WS. Did You Know?. Average annual income for teens: $3,095.00 40% of teens currently save regularly Nearly 1/3 all students work 40+ hours per week in summer ¼ work 35+ hours per week during the school year Average teen saves $1000 of summer wages.
FYI: Amish pay tax on real estate and personal property and income tax on any earnings. They do not pay school tax, social security or Medicare tax.
Most forfeit a refund!!!What’s the Problem?
Is this you???
I’ve Got A Job!What’s an I-9 and a W-4?
Tells employers how much federal income tax to withhold from paycheckSo What Is A W-4?
In-Class Am I Exempt WS
Am I Exempt WS
See pg 347-48 acct textI don’t qualify for Exempt status – now what?
Fill out W4 with workbook
Where’s All The Money I Earned? W-4 form!
W4 qz/Am I Exempt QZ W-4 form!
Am I Required to File a Tax Return? W-4 form!
25 W-4 form!Am I Required to File a Tax Return (as a dependent)?
*Your income for the year
*If parents can claim you, you must file if:
1.Your unearned income was over $1000
2.Your earned income was over $6100
Do I have to file return WS
In-Class Do I Have to File Return WS
Do I have to file return QUIZ
Fill out 1040EZ wb
Keep copies at least 5 years!
1040 EZ Prob WS
Income tax not only source owe for each month you don’t pay!
Social Insurance taxes and contributions (retirement and unemployment)
Excise tax (tax on gas, cigarettes, and alcohol)
Estate and gift tax
Customs duties (imports)
Other miscellaneous receiptsOther Ways for Government to Collect Money
Chap 7 review
1040 EZ quiz
Use to report owe for each month you don’t pay!
Do pg 42 WB
Chap 8 Review