What is a basic economic policy that calls for noninterference by the government in business matters?
100
Income Tax
What is a tax an individual pays on income above a certain amount and which corporations pay on profits?
100
The total before tax for your pizza is $12. The total with tax in Indiana is more. The new total is...
What is $12.84?
100
Two ways the government contacts you of an audit.
What is by mail or phone call?
100
7% sales tax
What is the sales tax in Indiana?
200
Withholding
What is the money taken out of a paycheck?
200
Sales Tax
What is a tax on purchases?
200
You are on vacation in New York. You want to buy $30 in gifts to take to Miss Bowman and $28 on snacks. Figure out the total bill.
What is $60.32?
200
The name of the form you fill out to get taxes withheld from your pay check.
What is a W-4 form?
300
Earned Income
What is wages, salaries, tips, and self-employment earnings.
300
Excise Tax
What is a tax on such items as alcohol, tobacco, and gasoline?
300
Pricey earned $15,000 last year dealing with you jokers. %14 was withheld for Federal Income taxes. Figure out how much was taken out total for the year.
What is $2,100?
300
The length of time the IRS typically goes back for an audit.
What is 3 years?
300
The number of deductions you will likely claim over the summer on your taxes.
What is 1 deduction?
400
Financial Records
What is spending and income records to keep for tax purposes.
400
Estate Tax
What is a tax on property of a person who has died?
400
You earned $800 in your summer job. The taxes withheld from your pay was %18. Figure out how much was taken total.
What is $144?
400
Audit
What is a review of accounts and financial information to ensure information is being reported correctly, according to the tax laws, to verify the amount of tax reported is accurate.
400
April 15
What is the tax deadline?
500
Exempt from Withholding
What is when a person is free from federal income tax?
500
Inheritance Tax
What is a tax on inherited property or money?
500
Mr. Beeker has a part-time job which pays $2,400 for the year. 14% is taken out for Federal Taxes. At the end of the year, he finds out he only needed to pay 12%. How much of a refund with Mr. Beeker get?
What is $48?
500
5 helpful financial records to be kept in case of an audit.
What is pay stubs, interest earned statements, records of tips and bounuses, cancelled checks, and credit card statements.
500
At the local level this is provided with tax money.