Tax Returns
What month do you need to file your taxes by each year?
What is April
What is the name of the government bureau that is responsible for processing your tax returns
The IRS
Jeremiah is a full-time student, earns less than $30,000 a year, is earning a degree, and is a dependent of his parents. Can he claim education tax deductions on his taxes?
No, since he is still a dependent of his parents. They can claim the credit.
What movie is the famous song "Let it go, let it go, I cant hold it back anymore" from?
Pixar's "Frozen"
Name an app you can use to send money to a friend using your phone
Answers may vary
$5,000
$10,000
$15,000
$20,000
Generally, if you receive $600 or more in gambling winnings, the payer is required to issue you a Form W-2G. If you have won more than $5,000, the payer may be required to withhold 28% of the proceeds for Federal income tax. However, if you did not provide your Social Security number to the payer, the amount withheld will be 31%.
Name one online tax software
Answers may vary
Max is 20 years old and lives with his aunt year-round. She pays for more than 50% of his living expenses. For Max to be considered a dependent of his aunt, what else must happen?
1 She must drive him around town and pay for gas.
2 He needs to be a full-time student.
3 Cook dinner regularly and buy all the food.
4 She needs to be his mother
2 He needs to be a full-time student.
What percent of the world's population lives in the Northern Hemisphere?
40%
65%
75%
90%
90%
What is one way to file your taxes?
1. Hire an accountant
2. Use an online tax software
3. Fill out IRS form 1040
According to most taxpayers, what is the main benefit to filing your taxes early?
You may get your tax refund earlier
Dana is disappointed that she cannot claim her dorm room supplies like bed sheets, towels and cookware as part of her educational expenses. What is the best reason for why she cannot claim these as educational expenses on her taxes?
1 The dorm room supplies were purchased by her parents.
2 The dorm room supplies were bought too long ago to qualify.
3 The dorm room supplies are not necessary educational expenses.
4 The dorm room supplies do not belong to the university.
3 The dorm room supplies are not necessary educational expenses.
True or False: Identical twins have the same finger prints
False
True or False: You can spend as much as you want when you have a credit card. There are no limits
False
In most places how often are tax returns filed?
Once a year
If you are a minor and make $12,400 do you need to file a personal income tax form?
No.
To file your taxes, you need to start by collecting all the necessary documents. Which answer selection is the best describing what is needed?
1 A record of your income and receipts for any deductions you want to claim
2 Receipts of all purchases that you made in the past year
3 Spreadsheets of all banking and investing accounts that you have
4 A record of stocks and bonds that you bought in the past year
1 A record of your income and receipts for any deductions you want to claim
Someone who eats seafood but not meat is called a what?
A Pescaterian
True or False: You need to enter a 4-digit pin when using your debit card
True
True or false: People making more than $1,000,000 a year pay a higher tax rate than those making less than $1,000,000
False. Low-income Americans face higher payroll tax rates than rich Americans. Americans with less than five-figure incomes pay an effective payroll tax rate of 14.1 percent, while those making seven-figure incomes or more pay just 1.9 percent.
True or False: A taxpayer's spouse can be claimed as a dependent
False. Only a child, stepchild, brother, sister, or parent.
Why would a parent want to claim the Child and Other Dependent Tax Credit while filing taxes?
1. It reduces the amount of taxes that is owed for the entire household.
2 It allows the government to provide more services like healthcare and education.
3 It helps with applying for college and also for scholarships.
4 It simplifies the tax filing process and makes it faster and cheaper to file.
1. It reduces the amount of taxes that is owed for the entire household.
True or False: The world's oldest cat lived to be 38 years old.
True