The tax cycle is the yearly process of reporting income and paying taxes, which helps fund things like schools, roads, and healthcare. It starts when you earn income and keep track of important documents, like pay stubs and tax forms (W-2s or 1099s).
Around tax season, typically early in the year, you use these forms to file your tax return, showing how much you earned and what taxes you owe or get back as a refund. When you start a new job, you’ll fill out paperwork like a W-4 form, which tells your employer how much tax to withhold from your paycheck. Understanding this process helps you stay organized, avoid mistakes, and be ready to handle your finances as you enter adulthood.
Students will be able to:
