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Should Teens Pay Taxes?

Should Teens Pay Taxes?. Read the article entitled “Tax Tips for Young Adults – and parents” which can be found at: http://archives.cnn.com/2001/fyi/news/04/11/teen.tax/ Answer the following Questions 1. What is a W-4? 2. Who is Andrea Ifft? Why will she need to know what a W-4 is?

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Should Teens Pay Taxes?

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  1. Should Teens Pay Taxes? • Read the article entitled “Tax Tips for Young Adults – and parents” which can be found at: http://archives.cnn.com/2001/fyi/news/04/11/teen.tax/ • Answer the following Questions 1. What is a W-4? 2. Who is Andrea Ifft? Why will she need to know what a W-4 is? 3. Why is it generally a good idea for teen-agers to file a tax return? 4. Donna Harper said, "The same way their parents work and put money in the bank and then disperse it to pay for groceries or utilities, that's what the IRS does. The purpose of the IRS is to withhold a fair amount of taxes so that the government can then distribute the funds to build roads or improve schools or finance the military." What is the significance and meaning of this statement? Do you agree or disagree? Explain. 5. FICA is the Federal Insurance Contributions Act, consisting of both a Social Security tax and a Medicare tax. Medicare funds the federal health program for people over 65. Why do you think many teenagers are surprised when they receive their first paychecks? Do you think these taxes are fair? Why or why not?

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