Preparing Taxes
In most situations your employer is required to deduct what from your paycheck?
Federal income tax
You can claim a child as a dependent if you provide what percentage of the child’s support?
50%
When should you receive your taxes from your job?
On or before January 31st
What is the amount of your paycheck before taxes called?
Gross pay
What is a W-2?
Form given by your employer with you financial information from that job
State and local income tax, Social Security, Medicare, retirement, and healthcare are all different types of had?
Deductions
What type of identification must someone have to be claimed as a dependent?
Social Security Number
Individual Taxpayer Identification Number
Adoption Taxpayer Identification
What is the deadline for tax returns?
April 15th
What is the amount of your paycheck after taxes called?
Net Pay
What is a 1040?
Form used to file a tax return
The U.S. Tax Code contains more than how many words?
3.7 million
What law reduced the Tax’s Cuts and Jobs reduced the personal exemption to what?
Zero
A W-2 gives your work history for what time period?
1 year
What makes up the majority of the Government’s income?
Taxes
What is a dependent?
Someone being claimed or added to a tax return
Americans spend about how many hours a year preparing taxes?
7.6 billion
How old must a child be to be claimed as a depended by December 31st?
Under 19
What are the 3 major punishments for not filing your taxes?
Jail time, interest, fines
Health insurance, dental insurance, and 401K are examples of which type of deduction that comes out of your paycheck?
Pre-tax Deductions
What is tax evasion/tax fraud?
An attempt to intentionally underpay or send in no payments to the government
How much money do U.S. taxpayers spend every year on tax preparation services?
27 Billion
What happens to the amount of money that you can receive on a tax return when claiming a dependent?
It adds money to that amount
True or false by law you must file your taxes.
True
What are taxes?
Money taken out of your check sent to the government
What does the word tax mean in Latin?
I estimate