Income
Gross income
What is income you make before taxes and deductions are made?
Tax taken out of your paycheck
What is income tax?
You can opt out of a W-2 if you don't need it.
What is False?
April 15
What is tax day?
Difference between salary and wages
The more you make, the more you are taxed
What is true?
How long should you keep your taxes for before getting rid of them?
What is 3 years?
W-4
What is a form that you fill out when you start a job to tell how much to withhold for the year?
What is January 31?
Sales tax percentage in Wayne County, Ohio
What is 6.5%?
Earnings from a rental property, limited partnership, or other enterprise in which a person is not actively involved.
What is passive income?
Tax on yachts, expensive cars, large houses
What is luxury tax?
A form that shows how much was withheld throughout the year given to you by your employer
What is a W-2?
Con's to wealth tax
-Double Taxation
-Less incentive to be successful
-People moving from country
Schools, public libraries, police department, etc
What is the things that local taxes pay for?
Income made from forex trading, bonds, stocks etc
What is portfolio income?
A tax payed on goods such as alcohol, cigarettes and tanning
What is excise tax?
A form that is filled out each tax season and used to file your taxes
What is a 1040?
It is a good thing to have a huge tax refund.
What is False?
The IRS can do this to you if they feel you are not correctly reporting each year
What is audit?
List all of the things deducted from your paycheck
Hint: 7
What is social security, medicare/medicaid, federal, local, state, health insurance and 401(k)
6 different types of wealth tax
What is
-inheritance, gift, estate, wealth, capital gains, property?
A form that is filled out with your taxes and is based on tuition and scholarships from college
What is 1098 T?
25-30%
What is the amount to save for taxes each year if you are self-employed?
Tax extension
What is what you should file if you do not receive your W-2 on time or need extra time from the IRS