University:
McHenry County College
Course:
BUS299 | Topics/Issues In Business
Academic year:

2023
Views:

473

Pages:

2
Author:

vueitiue571

Do I Need to File a Tax Return? Reference: Do I Need to File a Return? As a teen, filing a tax return can be a mostly straightforward process. However, you may be wondering how that process changes if someone claims you as a dependent or if you are a self-employed worker or household employee. Read through this reference to learn more about what to do in these scenarios. Then, answer the questions. 1. Which of the following people is/are legally required to file a tax return? a. Amanda, who can be claimed as a dependent and earned $850 last year. b. Greg, who can be claimed as a dependent and earned $12,650 last year. c. Jason, who cannot be claimed as a dependent and earned $1,500 last year. d. Erin, who cannot be claimed as a dependent and earned $14,000 last year. 2. The article mentions that if you are owed a refund from the IRS, you won’t be penalized if you file your tax return late. However, why might you want to file your tax return on time? You want to stay on top of ur taxes so you can get money back faster 3. When filling out a W-4 form, in what situation would a teen want to claim exemption from federal income taxes being withheld from their paycheck? What is the benefit of doing so? When they dont owe any income to taxes from previous year or current 4. What is the income threshold for self-employed workers to file a return? Ur earned income is 400 or more Play: Should The File a Tax Return? Put all you’ve learned so far to the test in this activity! In this activity, you will determine if the person in each of the following scenarios has to file or should file a tax return. Situation Tim is 16 years old, a high school student, and lives with his parents. He earned $5,200 at his Can this person be claimed as a dependent? yes Is this person legally required to file a tax return? Why or why not? No earn less than 12550 If no, should they file a tax return? no part-time job. Jessica is 24 years old and lives in her own apartment. She earned $48,000 from her salaried position last year. yes Yes she made more than 12550 Mason is 17 years old, a junior in high school, and lives with his parents. He had unearned income of $750. yes No less than 1100 Kathryn is 15 years old, a sophomore in high school, and lives with her parents. She had $200 in unearned income and earned $1,200 from her part-time job. yes Yes Gross higher than 1100 Yanely is 18 years old, is a high school senior, and lives with her parents. She earned $6,300 from her part-time job. She claimed EXEMPT on her W-4 on her first day of work. yes Yes deducted from fica no

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