One
Two
Three
Four
Five
100
________________________ is a type of tax that is added to the price of goods or services at the time of purchase.
What is Sales Tax
100
______________________- expenses you can legally subtract from your income before calculating your taxes
What is Deductions
100
refers to filing your taxes online through the IRS website.
What is Electronic Filing or e-filing
100
What is gross income?
What is the amount of income you earn BEFORE TAXES are taken out
100
What is net income?
What is the amount of income your receive AFTER TAXES are taken out.
200
________________ refers to taxes you pay on most types of income you receive. This is NOT a fixed percentage of income and ranges from 10%-35%
What is Income Tax
200
Who receives the largest part of its revenue from payroll taxes?
What is Federal Government
200
Your employer collects payroll taxes by deducting or _________________ your money from your wages. Income withheld from your paycheck goes to prepay your federal income tax and social insurance tax.
What is Withholding
200
________________ refers to a number that reduces the amount of income withheld from your pay.
What is Allowances
200
_________________ is a tax placed on income earned by individulas. The amount paid is based on a person's total earnings.
What is Payroll Tax
300

I am received in January, There is one of me for every job I work, You can tell how much you earned and how much you paid in taxes by reading me

What is a W-2 Form

300
Explain Progressive Tax.
What is The more someone makes, the greater percentage will be taken.
300
  • I am completed every April
  • Anyone can use me
  • Beware, there is a LOT to fill out

What is form 1040

300

What is the basic tax form used to file federal income taxes?

What is form1040

300
Which tax form provides the information your employer needs to determine the proper amount to withhold from your paycheck?
What is W-4
400
What is 1 advantage to e-filing your taxes?
What is Shorter processing time Faster refund
400
________________ is the law that requires workers and their employers to contribute to Social Security & Medicare.
What is FICA or Federal Insurance Contributions Act
400
What do property taxes get used on?
What is Used by local governments & school districts
400

What is one reason the gov't collects taxes out of each paycheck as opposed to sending a bill at the end of the year?

What is: People are more likely to pay their taxes & Spreads out payments to make it more manageable.

400

List at least two requirements for being considered a dependent.

- having a disability- not being able to provide for more than half of your financial support- Qualifying child under 19 yrs of age- being enrolled in school full-time and at least 24 yrs. of age

500

Explain flat Tax

What is Takes the same share of all incomes. Example: All ppl are taxed at 10%

500
  • Maximum salary for social security tax in 2021

What is form I-9

500

First day you can mail in federal and state paper form tax returns for the previous year, although you likely will not yet have your necessary W-2 or other documents to do the filing

What is January 1st.

500

Deadline for employers to mail W-2s to their employees (either by paper or electronically)

What is January 31st.

500

Deadline for filing federal and state income returns that have received extensions.

What is October 15th.

600

What is the difference between earned and unearned income?

What is: Earned, you perform a job and get paid for it whereas unearned is income received through other sources, (investments, gifts, benefits, etc.).

600

The three spending categories of the Federal Government are...

Mandatory, discretionary, interest on debt

600
What is the difference between mandatory and discretionary spending?

Mandatory: required by law

Discretionary: spending that is left up to the decision of the president and Congress

600

What are the two primary ways you can pay the IRS taxes owed?

Directly with your bank account, or with a debit or credit card

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