Taxes
To provide revenue for public goods and services
What is the purpose of taxes?
A fee paid to use money
What is interest?
Which of the following is NOT one of the three main investment plan choices? A. 401(k) Account B. Individual Retirement Accounts C. Roth Individual Retirement Accounts D. Retirement Investment Account
D. Retirement Investment Account
Tax deductions are subtracted from which of the following to arrive at taxable income?
Gross income
Can paycheck be taxed? Yes or No
Yes
April 15th
What is tax day?
Tax exemptions
What is not taxed by the government?
When are taxes paid on money sent to 401(k) or IRA accounts?
When it is withdrawn
When the Constitution was adopted in 1789, why was the federal government granted the authority to raise taxes?
The founding fathers recognized no government could function by relying entirely on other governments for its resources
7. Which of the following is a tax management software mentioned in the presentation? A. TurboTax® A. FiscalTax™ B. LienMarket™ C. TheGeneral®
A. TurboTax®
IRS
What is Internal Revenue Service?
Why are tax credits considered more valuable than tax deductions?
They reduce the total amount owed
Bank savings accounts pay interest on funds deposited. True or False
True
When was the first permanent income tax developed?
1913
Which of the following is NOT included on a tax payers estimated tax payment form? A. Social Security number B. Address C. Estimated tax payment D. Date of birth
D. Date of birth
A percentage based fee assessed by Congress in accordance to the Constitution
What are taxes?
describes the term filing status?
A category tax holders are placed in to determine the type of tax return a taxpayer will file
describes the term returns?
The amount earned by an investment
To collect funds from individuals who did not get enough money taken out of their paychecks for required taxes
What is the role of the IRS?
What must be distributed to employees by January 31 of each tax year? A. W-4 B. W-2 C. 1040 D. 1040EZ
B. W-2
Where can tax forms be obtained?
Government or tax offices
What is true of completing a tax form?
It is required by law
Certificates of Deposit are issued by
Banks
To spur giving to philanthropic causes
What is the purpose of tax exemptions?
They encourage individuals to keep their money in accounts until retirement age. True or False
True