Taxes Are Boring
What Day is tax day?
April 15th
What is credit
Money given back to you for something on your taxes
What does IRS stand for?
Internal Revenue Service
What form do you fill out when you start to work
W-4
What is gross income?
Sum of all wages, salaries, and profits before deductions or taxes
How long can you stay on unemployment
15 months
What is the differebts between federal income tax and state income tax
all people need to meet federal requirments, but state you have to live in that state with income tax.
Who does the IRS operate under?
The United States Department of Treasury
When do you use a 1040 form
When filing for a federal income tax return
What is a dependant?
Person who relies on another for support.
Why do we have to pay taxes
In order to pay salaries for employees, and provide services for millions of citizens
What is your taxable income
What's left after you subtract exemptions and deductions
What is the IRS sometimes referred as
Tax Man
Whats the purpose of a w-2
To list income that was paid over the year
What is adjusted gross income
and individuals total gross income minus specific deuctions
What's a 1098-E
Student Loan Intrest
How many states have an income tax (Daily Double)
43
What president established the IRS
Lincoln
When should an employer give their employee their w-2
By January 31st
What is an Audit
What is a 1098
Mortgage intrest
How much money does taxes bring in
1.688 trillion
What year was the IRS established (Daily Double)
1862
What does FICA stand for
Federal Insurance Contributions Act
What is a withholding
Refusal to give something that is due or desired