Tacts Fax
Which government office collects income taxes?
The IRS (Internal Revenue Service)
You work at McDonald's and make $35,000 a year. You also trade stocks and hit it big with a $10,200 profit as well as $1,234 of dividends. What is your gross income this year?
$46,434
Itemize
If my taxable income is $55,555 and I'm single, how much tax do I owe?
$7,280
How many children does Mr. Gregory have?
1
What is the name of the form that summarizes your income and deductions from your job?
What income level is the highest that can use the tax tables?
$100,000
(will also accept $99,999)
What is the current standard deduction for a single person?
$14,600
If my taxable income is $45,000 and I'm single, how much tax do I owe?
$5,171
What industry did Mr. Gregory work in before teaching?
Finance / actuarial
(will not accept accounting)
What day is known as "Tax Day," the usual deadline for income tax returns to be submitted?
April 15
Vlad has wages of $66,000, dividends of $385, gambling winnings of $1400, and adjustments of $3185. What is his adjusted gross income?
$64,600
True or false: You can deduct expenses for higher education.
TRUE
If my taxable income is $83,800 and I'm married filing jointly, what is my tax liability?
$9,595
What state is Mr. Gregory originally from?
Kentucky
Interest income is reported to you on which form?
1099-INT
Which of these numbers will generally be the smallest: taxable income, adjusted gross income, or total gross income?
Taxable income
Which of these is not deductible in Ohio:
Car registration fees
Energy-efficient home upgrades
Payments for childcare
Contributions to retirement planCar registration fees
If my taxable income is $400,000 and I'm married filing separately, what is my tax liability?
$111,062.75
(will also accept $111,063)
How many years has Mr. Gregory been teaching? (including this year)
9
What is the biggest category on which our income taxes are spent?
Social Security and Medicare
(will also accept "entitlements" or just Social Security)
The Riches have combined wages of $620,000. They had dividends of $9,500, interest of $4,500, and adjustments of $25,350. Their itemized deductions added up to $21,000. They're married filing jointly. What is their taxable income?
$579,450
Contributions to this type of account, used for medical expenses, may be deducted from your taxable income.
HSA (Health Savings Account)
If my AGI is $170,000, I'm taking the standard deduction, and I'm filing as head of household, what is my tax liability?
$26,893
What is Mr. Gregory's favorite video game console of all time?
SNES (Super Nintendo)