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SSN
What is Social Security Number?
Free Application for Financial Student Aid
What is FAFSA?
Receives the largest part of its revenue from payroll or Income taxes?
What is Federal Government
I am received in January, There is one of me for every job I work, You can tell how much you earned and how much you paid in taxes by reading me
What is a W-2 Form?
Provides volunteers free training and certification in Basic or Advanced Tax Law prior to the filing season
What is VITA?
Employee’s Withholding Certificate
What is a W-4 Form?
One type of tax we have on our cars
A qualifying child or a qualifying relative of the taxpayer. Examples are a child, stepchild, brother, sister, or parent.
What is a dependent?
Lifetime Learning Credit
What is LLC?
An examination by a taxing authority of your tax return information to ensure all reported data is correct
What is an audit?
A government-run insurance program that provides healthcare assistance to elderly and disabled Americans
What is Medicare?
Not taxable if the money was for study or research for a degree-seeking student who spent the funds to pay qualified expenses at an eligible educational organization.
What are scholarships and grants?
Your employer collects payroll taxes by deducting or _________________ your money from your wages. Income taken from your paycheck goes to prepay your federal income tax and social insurance tax.
What is Withholding?
This form provides information about educational expenses that may qualify the student—or the student's parents or guardian, if the student is a dependent—for education-related tax credits.
What is 1098-T form?
Examples of federal programs that receive money from federal tax dollars that are collected from payroll taxes
Special Education, SNAP Cards, Medicare, Medicaid, Social Security
Examples of taxable income
Wages, salaries, tips, cash payments, gambling income, jury duty pay, odd jobs, side gigs, some scholarships
What does the revenue from property taxes get allocated for?
What is used by local governments & school districts
Examples of untaxable incomes
Garage sale proceeds, gifts, some scholarships
Deduction depending on one's filing status
What is a Standard Deduction?
Examples of qualified education expenses.
Tuition and fees required to enroll at/attend an eligible educational institution, and course-related expenses (fees, books, supplies, equipment)