Tax Time
Free Form
Money, Money, Money
Is that Legal?
What a Hard Worker
100

For how many years can you correct an error on your tax return?

Three years

100

This is the form that your employer MUST send you by January 31.

W-2 Form

100

When do you realize a capital gain on an investment?

When the investment is sold

100

What is the name of the agency responsible for collecting federal income tax?

The IRS

100

If I have questions about taxes, what website can I visit to find out more information?

irs.gov

200

Which type of tax requires you to pay more as your income increases?

Progressive Tax

200

This is the income that is reported on a W-2 form.

All earned income at a job.

200

Give an example of earned income.

Wages, tips, self-employment income

200

This is what we practice in order to decrease our tax liability (it's legal).

Tax Avoidance

200

Is it legal to file your taxes on your own or do you have to have an accountant do it for you?

You can file them on your own

300

Which type of tax has a rate that stays the same regardless of how much money you make? In other words, the less you make, the larger the percent of your income you pay.

Regressive Tax

300
Starting a new job? This is the form you will fill out on your first day that tells your employer how much money to withhold for your federal income taxes.

W-4 Form

300

Give an example of unearned income.

Interest received on savings, rent, dividends, royalties, and social security benefits
300

Give an example of money that you do not need to report on your taxes

Money received from a garage sale, a car pool, inherited money, cash rebates, and child support

300

Regardless of how hard you work, who will pay more in federal income taxes? High income earners or low income earners?

High income earners

400

Give an example of a progressive tax.

Federal Income Tax

400

If you get married or have a kid, this is the form that you will need to update at your job.

W-4 Form

400

Want to save money for college and get great tax advantages? Invest in one of these plans.

College savings plans, qualified tuition plans, 529 plans
400

This is willfully and deliberately hiding income from the IRS (it's illegal).

Tax Evasion

400

You've worked so hard, but a parent can still claim you as one of these on their taxes.

A dependent

500

Give an example of a regressive tax.

State Sales Tax

500
Name two pieces of information that will be listed on your W-2 Form (other than your personal information).
Wages and tips, federal income tax withheld, social security tax withheld, medicare tax withheld, your employer's EIN, your employer's name, address, any 401(k) contributions through that job
500

This is the sum of money paid in regular intervals by a company to its stockholders.

Dividend

500

Give three examples of money that we DO need to report at tax time.

Wages, Tips, Bonuses, Alimony, Illegal Income, Gambling Winnings, Unearned Income

500

What is your tax bracket based on?

The LAST dollar you earned

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