Who am I?
My name starts with a "W" and where I'm from we don't have any state income taxes.
What is Washington
Form that reports income for those self-employed or free-lance (not employees)
What is a Form 1099
A person that is supported financially for over half a year and meets age and relationship tests
What is a Dependent
Name the 5 filing statuses.
Single, HOH, Married filing jointly, Married filing separately, and Qualified surviving spouse
How much is the standard deduction for single filing status?
What is $15,750
After the IRS and all its friends(deductions, insurance, etc....) are done taxing my check, I am the thing that's left over.
What is take-home pay or net pay
Yearly summary of wages, federal income tax withholding, federal tax deductions, and basic info like address and SS#
What is a W-2
The type of deduction that lists qualified items that decreases taxable income.
What is Itemized
Tax day, the deadline to file Federal income taxes.
What is April 15th
What is the sales tax amount on a $100 purchase at 8% interest?
What is $8.00
$100 x .08 = 8.00
I am the sum of your total income minus adjustments on a 1040 tax form
What is Adjusted Gross Income
The form used by banks, credit unions, and financial institutions to report interest income earned for the year
What is a 1099-INT
The form used to itemize deductions when filing federal income taxes.
What is a Schedule A
The current sales tax rate in Centralia
What is 8.2%
Does the person owe tax or get a refund?
Tax due: $500 Tax payment: $600
What is a refund of $100
I'm the dollar amount needed to use the Federal Income Tax Tables to calculate how much tax is due.
What is taxable income
Income Tax Withholding Certificate, used by employers to determine how much tax is withheld from a paycheck.
What is Form W-4
The type of deduction determined by filing status.
What is standard deduction.
When is the deadline for employers to give employees their W-2?
What is January 31st
What is the property tax due for a house with assessed value of $500,000 and mill rate of $3.00?
(500,000 x $3.00)/1,000 = $1,500
I am the government agency responsible for collecting income tax forms
Who is the Internal Revenue Service
The tax form used to file income taxes with the IRS
What is a Form 1040
The type of refundable tax credit for those with low to moderate income.
What is the Earned Income Tax Credit (EITC)
The responsibility to file taxes because you are a citizen of the United States
What is civic duty
AGI = $75,600 Single deduction $15,750
What is the taxable income?
What is $59,850
$75,600 - $15,750 = $59,850