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Earning your own money

Lesson 42 · Written for kid, teen, and little

Your First Tax Return

A tax return tells the government what you earned and can bring money back.

The idea

When you earn money from a job, part of it usually goes to the government as tax, and your employer often takes some out of each paycheck before you ever see it. A tax return is a form you send in once a year that says how much you earned and how much tax was already paid. If more was taken out than you actually owed, you may get some back as a refund. Most people file online using the pay forms their employer mails them, and there is a deadline each year for sending it in. 🧾

A

Words to know

5

Tax

Money people pay to the government out of what they earn. Earn $1,000 and some of it goes to schools, roads and hospitals.

Tax return

A once-a-year form that says how much you earned and how much tax you paid. It settles up the difference.

Refund

Money sent back to you if more tax was taken out than you owed. Pay $900 across the year but owe $700, and $200 comes back.

W-2

A form your employer sends you showing your pay and the tax already taken out. You copy its numbers onto your return.

Deadline

The last day you are allowed to send something in. In the US, tax returns are usually due in mid-April.

Try it — no accountTrue or false

True or false? Let's test what you know about tax returns.

Card 1 of 4

A tax return is a form that reports how much you earned in a year.

Swipe the card — or tap.

In the full lesson

  1. 1True or false
  2. 2Work out the number
  3. 3Make the call

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