So Many Taxes!
What is the standard deduction?
This is a fixed amount set by the IRS that a taxpayer can subtract from their AGI if they choose not to itemize their deductions.
What is gross income(or gross pay)
This is the total amount of money you earn before any taxes or deductions are taken out.
I worked over the summer and got a 1099-MISC form from my employer.Now what?
Report the income on IRS Schedule C
What is Form W-4?
This form is filled out by an employee when starting a new job to determine the correct amount of federal income tax to withhold from their pay.
What is the Child & Dependent Care Credit?
This credit is for people who pay someone to care for their child while they work.
What is the Internal Revenue Service (IRS)?
This federal agency is responsible for collecting taxes and enforcing U.S. tax law.
What does EITC mean?
“Earn Income Tax Credit”
All taxpayers must file their Income Tax by this date.
What is "April 15?"
What is the standard deduction?
This is a fixed amount set by the IRS that a taxpayer can subtract from their AGI if they choose not to itemize their deductions.
A person who lives with you and for whom you pay more than half of his or her living expenses.
a "dependent?"
What is a tax credit?
This term refers to a dollar-for-dollar reduction in the amount of tax you owe.
Willful failure to pay taxes is called ______ ________.
"Tax Evasion?"
One important tax document you will need to complete the filing of your Income Tax is your _____, which your employer must complete and send to you by January 31st.
What is a "W-2?"
Yes or No?--The IRS will call you if you owe more tax.
“No”
True or False? Tax deductions reduce taxable income, while tax credits are subtracted directly from taxes owed.
What is "True?"
What can reduce your Tax Bill?
Contributing to a Roth IRA
An examination of your tax return by the IRS.
"Audit”
What is a dependent?
A qualifying child or relative whom a taxpayer is entitled to claim on their tax return.
Yes or No?-- The IRS will email you if they have any questions
“No?" They will mail you out a letter
True or False? If the amount of taxes withheld from your paycheck is less than your total tax, you will be receiving a refund from the IRS.
What is "False?"
I worked over the summer, but didn’t get a W-2 yet from my employer.What should I do?
Call the “Employer”
The IRS is an agency of this department, and has its headquarters in Washington, D.C.
What is the "Department of the Treasury?"
What is Form 1099?
his form is used by independent contractors and self-employed individuals to report income other than wages, salaries, and tips.
Yes or No?--Is it ok to sign your client’s Documents?
What is “No”
If you have paid more Federal Income Tax than you should have, then you will be receiving a _________.
What is a "Refund?"