What Happened To My Money?
True or False: Those who properly fill out their Form W-4 shouldn't have too much or too little taxes withheld.
True
What does the Form W-4 estimate?
How much tax you'll owe based on your personal situation.
True or False: The average tax refund is over $2,700
True
The deadline for filing your income tax return, also known as "Tax Day"
April 15th
What day is Star Wars Day?
May 4th
True or False: Government deficit spending is a good thing because it lowers the amount of taxes that need to be collected.
False
The tax on the purchase of goods or services is called...
Consumption tax
An official IRS inspection of a tax return to make sure the income and deductions are accurate
Audit
What is the main IRS form that most Americans use to file their taxes?
Form 1040
What is the only vegetable that is also classified as a flower?
Broccoli
What is an inheritance tax?
A tax you pay on an asset you receive when someone passes away.
Gift Tax
a tax based on the market value of owned assets; a tax on the wealth possessed by the people who live in a country
Wealth Tax
The total tax a person or business has to pay
Tax liability
How many colors will you find in a regular bag of M&M's?
Six (Blue, orange, red, yellow, green, brown)
When you buy specific items like cigarettes, alcohol, airline tickets, or gas, you will pay what kind of tax?
Excise Tax (luxury tax)
What is the difference between earned income, passive income, and investment income?
Earned income is any money you make by working, passive is anything you earn without requiring much effort, and investment income is money you receive from your investments as they grow
Why is receiving a large tax refund a bad thing?
It means you gave too much money to the government during the year.
Why are people required to give a portion of their income to the government? Give examples of government services that taxes fund.
We have to pay for things like roads, public education, law enforcement, jails, libraries, zoos, parks, etc. Tax revenue is how the government pays for all of those things, and we give up a portion of our income so we can enjoy those benefits.
What temperature does water boil at?
212 degrees Fahrenheit (or 100 degrees Celsius)
Explain the difference between gross income and net income.
Gross is he total amount of money you earn in a given pay period. Net is your take home pay; the money left after withholdings and deductions are taken out.
Describe some arguments that supporters and opponents of wealth tax make.
Advocates: Increases revenues, encourages people to spend wealth, can reduce wealth inequality.
Critics: causes citizens to pay taxes on the same assets multiple times, reduces incentives to keep working for money, encourages wealthy business owners and investors to leave the US
Why shouldn't people let tricky tax situations get in the way of being outrageously generous?
Because giving allows us to help others and you can always be generous, even if you don't feel like you have the cash.
What are some ways you can make tax season a little easier?
Gather your paperwork, receipts and important tax documents. Use e-filing software or hire a tax pro. Get them done as soon as possible.
What's Cinderella's dog's name?
Bruno