Tax Refunds and Withholdings
National Taxpayers Union’s Pete Sepp and Economic Policy Institute’s Josh Bivens explained the concept of tax refunds and how adjusting federal withholdings can impact the amount owed or refunded at the end of the year.
Description
National Taxpayers Union’s Pete Sepp and Economic Policy Institute’s Josh Bivens explained the concept of tax refunds and how adjusting federal withholdings can impact the amount owed or refunded at the end of the year.
Bell Ringer Assignment
- Why do people get tax refunds when they file taxes?
- What is meant by "withholding?"
- What reasons do people give for not adjusting their withholdings? Why could this be a mistake?
- What actions can employees take to affect whether or not they receive a tax refund or owe money at the end of the year?
Additional Resource
Participants
Vocabulary
- Income
- Interest
- Internal Revenue Service
- Tax Refunds
- Tax Return
- W2
- Withholdings