2.1
What are the big 3 expenses for the federal government when it comes to spending taxpayer money?
Health
Government
Unemployment & Labor
Why does the age bracket of 18-24 dramatically increase when it comes to the percentage of citizens paying for taxes?
First jobs out of college, makes more than the minimum to file
What is the purpose of a W-4?
W-4 tells you, as the employer, the employee's filing status, multiple jobs adjustments, amount of credits, amount of other income, amount of deductions, and any additional amount to withhold from each paycheck to use to compute the amount of federal income tax to deduct and withhold from the employee's pay.
Why are W-2 forms important for workers?
Shows them their tax info needed to file for tax returns
What does the IRS consider the last day of the tax year?
Dec 31
When the federal government passes the budget, what are the three categories of spending taking place?
Mandatory, Discretionary, Interest Spending
In order to file a ta return, a person must make more than $___________________
$12,250
On what day do employers have to provide their W-2 forms to employees?
January 31
What government agency is in charge of making sure people pay their taxes?
Internal Revenue Service
Name the form?
I am received in January
You get me if you are not an employee, but were paid by a company
You probably didn’t get taxes withheld if you got me, so you may have a big tax bill coming up
1099
What is the main expense in discretionary spending by the federal government in most federal budgets?
Military
What is a dependent?
Someone who is legally taken care of by another physicall and financially
What 2 months do most people file their tax returns?
What is Feb and Apr
List three ways that you can file for tax returns?
Paper copies done by yourself, Online (Turbo Tax), hire an professional.
What does FICA stand for?
Federal Insurance Contributions Act
What is our current national debt estimated at?
Over 30 Trillion and counting
A student can stay under their parents tax returns until what age if they are in college?
24
I am received whenever you start a job. You use me to prove that you are eligible to work in the U.S. You must provide forms of identification when submitting me.
I-9
What are the purpose of sin taxes?
Tax goods considerd by the federal government as harmful.
You should file a tx return if your uneraned income was more than $___________ dollars.
$1,100
Explain how we we add on to the National Debt? In other words why does this keep happening?
Federal budget spending exceeds federal government tax revenues
What is the difference between gross and net income?
Gross Income- Total amount of money earned
Net Income- Amount of money earned after taxes taken out
On what date are taxes due? On what date are tax extensions due?
Apr 15, Oct 15
True or False: Does Wisconsin have a state income tax?
True
Name 3 ways that states can tax income tax?
What is no tax, flat, progressive