Definition
What does the acronym IRS stand for?
Internal Revenue Service
What is the primary purpose of the IRS?
To collect Taxes that fund the federal government.
What is some information included in W-2s. Must list at least 3
Employee Information
Employer Information
Earnings
Tax withholdings
Benefits and Deductions
What is the best, fastest, and easiest way to file your taxes?
Electronically
How often are individuals and businesses REQUIRED by law to file their taxes?
Annually
Once a year
A government agency that administers tax laws and collects federal taxes from U.S. individual and corporate taxpayers.
What is the IRS?
What is an EIN?
Employer Identification Number
A 9 digit number used to identify a business entity
*Will accept explanations of what EIN is or what it is used for*
In what two ways can the IRS send you a tax refund?
If you are a a business or self-employed. What should you keep so you can reduce your taxable income when filing taxes.
All business related receipts
When are employers required to provide their employees and the IRS W-2s?
Between January 1st and January 31st
A tax form that shows important information about the income you've earned from your employer, amount of taxes withheld from your paycheck, benefits provided and other information for the year.
What is a W-2 Form?
Imagine you overpaid in taxes all year. What does the IRS issue___?
A tax refund
What are the different types of earnings that can be reported on your W-2?
Wages and tips
What is the only way the IRS will communicate with you?
MAIL!!!!
They will NOT call, text, or email you...that is spam.
What is the deadline to file taxes?
April 15th*
Sometime changes but 9/10 it will be April 15th.
An official inspection of an individual's or organization's financial accounts, typically by an independent body.
What is an audit?
What is the point of filing taxes?
To see if you either owe money in taxes or are due a refund from the government.
Your employer will send your W-2 to yourself and which other entity?
The IRS
How long should you keep your W-2 and Form 1040?
At least 3 years.
What are some types of deductions or benefits listed on your W-2?
Contributions to retirement plans
Health savings accounts
Child deductions
The standard federal income tax form people use to report their income, claim tax deductions and credits, and calculate their tax refund or tax bill for the year.
What is a Form 1040
What does it mean for the IRS to garnish wages?
Garnishments is a legal procedure in which a person's earnings are required by court order to be withheld by an employer for the payment of a debt.
They might garnish your wages because you owe money in taxes.
What is an Internal Revenue Code?
A comprehensive set of tax laws enacted by congress.
This includes a wide range of topics, including income tax, deductions, credits, and other tax related matters.
Filing status determines the rate at which an individual or a couples income is taxes. What are at least 3 different types of filing statuses?
Single
Married Filing Jointly
Married Filing Separately
Head of Household
Qualifying Widower with dependent child
What are some tax withholdings listed on your W-2?
-Federal Income Tax
-Social security
-Medicare tax