Tax Laws
Forms, Filing Status
Income
Deductions, Exemptions
Tax credits, tax owed
100
This calendar date is well-known as the tax deadline.
What is April 15?
100
A filing status used by many non-married individuals?
What is single?
100
Your W-2 amounts will add up to this common income item.
What is wages and salaries?
100
A fixed amount deducted from your adjusted gross income to determine your taxable income.
What is "standard deduction"?
100

How does tax credit affect you?

It lowers the taxes you owe.

200
The letters IRS stand for this governmental organization.
What is the Internal Revenue Service?
200
A filing status commonly used by families.
What is married filing jointly?
200
Many people reduce their adjusted gross income by contributing to this "3-letter" item.
What is an IRA?
200
You do this when you list specific deductions.
What is itemize?
200
For low income earners, this may help lower taxes.
What is the earned income credit?
300
In addition to the federal government, you may also have to pay taxes to these governments.
What are state and local?
300

You are a divorced parent with a child. What will you file as?

Head of Household

300

The outcome of subtracting deductions from Gross Income.

Adjusted Gross income

300

You have an AGI of $87,000 and the standard deduction is $15,000. What is your taxable income?

$72,000

300
Paying for college may reduce your taxes due to this
What are education tax credits?
400
A process that collects income tax revenue as it is earned throughout the year.
What is withholding?
400

You are married and your partner has large amounts of debt. What should you file as?

Married filing Separately 

400
This is the sum of wages and salaries, interest income, dividend income, and capital gains.
What is gross income?
400

When you are feeling generous and give these out, you can deduct the amount from your taxes

What are charitable donations

400
Depending on your income, this tax credit might help you feed that new addition to the family.
What is a child tax credit?
500

Minimum amount of time a qualifying relative must live with the taxpayer.

1 year or the entire tax/calendar year.

500

I am a 23 year old, full-time college student. What am I labeled as?

Qualifying Child

500

Your at a casino, you win $10,000 on a slot machine. What kind if income is this, is this taxable?

Unearned Taxable Income

500

Which comes first: calculating AGI or applying deductions?

calculating AGI

500

How does tax credit affect your taxable income?

It does not, it only affects the taxes you owe.

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