What is the name of the government agency that
collects federal income tax?
IRS
Internal Revenue Service
200
Your tax return should be filed by this date.
April 15
200
What is FICA?
Social Security Tax
200
If you sold stock and you receive rental income,
which tax return should you fill out: Form 1040,
Form 1040A or Form 1040EZ?
Form 1040
200
If you buy stock and then sell it at a higher price,
what kind of income is that?
a capital gain
200
If you paid more federal income tax than you should
have, you will get a tax ___________.
refund
300
Which is the easiest tax return to fill out?
Form 1040EZ
300
What is the local income tax that is deducted
from your paycheck?
New York City Income Tax
300
When do people usually receive a W -2 form?
At the end of January or in February
300
What is an example of non-taxable income?
Child support
Public assistance and food stamps
SSI
Gifts
300
What do you call the taxes you pay if you own
your home?
Real Estate Taxes
400
If you live in New York State, where should you send
your tax form if you are expecting a refund?
Department of the Treasury
Internal Revenue Service
Kansas City, MO 64999-0002
400
What are the 5 kinds of taxes that are usually
deducted from an employee's paycheck in
New York City?
Federal Income Tax
State Income Tax
Local Income Tax
Social Security Tax
Medicare Tax
400
What do you need to do with the W-2 Form?
You need to send it with your tax return.
400
What are 2 examples of unearned income?
interest
dividends
capital gain
pension distribution
unemployment compensation
alimony
gambling winnings
400
What is the name of the tax credit for working people
that have low a low income?
EIC
Earned Income Credit
500
What should you do if you cannot file your tax
return on time?
File Form 4868
(Application for Automatic Extension of Time to File
U.S. Individual Tax Return)
500
Besides taxes, employees may have other deductions
taken out of their paycheck.
Give two examples.
union dues
pension
401K
health insurance
500
What should you do if you have already
filed your tax return, but you didn't include
bank interest on your tax return?
File Form 1040X
(Amended U.S. Individual Income Tax Return)
500
Justin is single.
He is not anybody's dependent.
In 2013 he had a taxable income of $20,000.
He fills out Form 1040EZ, how much federal
income tax does he need to pay?
$2,558
500
Susan and Bill Brown have wages of $60,000 and
$4,000 in unemployment compensation. They are
not dependents and file Form 1040EZ.
How much federal income tax should they pay?