Purpose
What are taxes used for?
Taxes are used to pay for government services.
Which is the most common tax form that US citizens complete?
a 1040
b W-9
c W-2
a 1040 is the US Individual Income Tax Return
When is the deadline to file taxes?
a February 19, 2024
b April 15, 2024.
c March 29, 2024
b April 15, 2024.
What does "IRS" stand for?
What is a tax refund?
Money that is given back if an individual paid an excess amount in taxes.
Which of the following is a government service paid for by taxes?
a Campaign Advertisements
b Public School Education
c Waste Management Services
b Public School Education
What do you do if you lose your W-2?
Contact your employer or Social Security Administration (SSA)
When is the earliest you can file taxes?
a March 2, 2024
b February 1, 2024
c January 29, 2024.
January 29, 2024
What is a "dependent"?
A person who relies on someone else as a primary source of income.
Ex. Children, parent, sibling
Cannot include a spouse
What does tax due mean?
The amount owed to the government once taxes are calculated.
Who is not paid using taxpayer money?
a Teachers
b Police Officers
c Nurses
d Firefighters
c Nurses
How many tax forms are there?
a less than 200
b nearly 400
c over 800
c Over 800!
True or False
Filing electronically is more risky than filing with paper forms.
False
The IRS has processed over 1.2 billion individual tax returns safely and securely using e-file
What is a "tax deduction"?
An amount you subtract from your income when you file so you don't pay tax on it.
Ex. Business expenses, Donations to charity, Student loan interest
How long does it take to get a tax refund back?
a Less than 12 days
b Less than 14 days
c Less than 7 days
Where does the majority of your tax money go to?
a Defense
b Law Enforcement
c Health Insurance
c Health Insurance
According to Center on Budget and Policy Priorities 24% of tax dollars go to Health Insurance programs such as Medicaid and Medicare
Which form should you receive from your employer?
a 1040
b W-9
c W-2
c W-2 Includes total wages for the year and the amount of federal, state, and other taxes withheld from your paycheck.
Where can you file your taxes online for free?
a IRS Free File
b TurboTax
c H&R Block
IRS Free File is a safe and free way to complete your taxes if you make less than $79,000 annually
What are taxes?
A required payment collected by a government from taxpayers to cover the costs of government services.
If you don't pay your taxes the IRS can do what?
a Sue you for the money owed
b Garnish your wages
c Send you to jail
b. Garnish wages, or withhold some of your income
Who decides where federal taxes get spent?
Congress.
What does the 1098-E tax form include?
a Tipped Income
b Tuition expenses
c Taxable Income
b Tuition Expenses
Usually, your student loan servicer will provide this form to you.
What are the 5 filing statuses?
Hint:Filing status determines how much your income is taxed and depends on what your living situation is
Single, Married filing jointly, Married filing separately, Head of Household, Widow(er) with dependent child
What is "gross income"?
all income someone receives including money, goods, property and services that aren't exempt from tax.
Tax fraud can lead to which punishment?
a 3-5 Years of jail time
b 25% interest charge on all taxes owed
c Garnished wages
a 3-5 years of jail time