U3L4 - How to File Your Taxes

1. Edgar, who works 10 hours/week cleaning pools for $15/hour at WeCleanPools

1. Melinda, who works 40 hours/week at a local ice cream shop during the summer

1. Marcus, who is on salary as a sales representative at a shoe store, working full-time

1. Serena, who is a freelance wedding photographer

1. Wages, tips, and other compensation

1. Number of dependents you will claim

1. Federal and state taxes withheld from your earnings

1. Additional money you want withheld from your paycheck

1. Attached to every pay stub

1. By January 1

1. By January 31

1. By April 15

Obtain employment

Receive her paycheck

File her income taxes

Begin her retirement savings

2. Gross wages earned

1. Federal income taxes she’s already paid

1. State income taxes she’s already paid

1. Income earned from her investments

2. Employer name and EIN (Employer Identification Number)

1. Employee’s Social Security Number

1. Employee’s date of birth

1. Employee’s current address

2. Lily is contributing to a 401(k) retirement through her employer

1. Lily works in the state of Indiana, which does not have an income tax

1. Lily’s taxable wages are much larger at the federal level than at the state or local level

1. Lily earned more than $13,850 (which is the standard deduction amount)

2. $1,722.44

1. $2,480.17

1. $14,450

1. $16,172.44

2. Medicare tax

1. Federal income tax

1. State income tax

1. Social security tax

2. $190.00

1. $890.50

1. $1,080.50

1. $13,369.50

1. $1,314.59

1. $1,547.24

1. $1,781.33

1. $2,886.75