Tax Jeopardy

Tacts Fax

100

Which government office collects income taxes?

The IRS (Internal Revenue Service)

200

What is the name of the form that summarizes your income and deductions from your job?

Form W-2

300

What day is known as "Tax Day," the usual deadline for income tax returns to be submitted?

April 15

400

Interest income is reported to you on which form?

1099-INT

500

What is the biggest category on which our income taxes are spent?

Social Security and Medicare

(will also accept "entitlements" or just Social Security)

The Outcome is the Income

100

You work at McDonald's and make $35,000 a year. You also trade stocks and hit it big with a $10,200 profit as well as $1,234 of dividends. What is your gross income this year?

$46,434

200

What income level is the highest that can use the tax tables?

$100,000

(will also accept $99,999)

300

Vlad has wages of $66,000, dividends of $385, gambling winnings of $1400, and adjustments of $3185. What is his adjusted gross income?

$64,600

400

Which of these numbers will generally be the smallest: taxable income, adjusted gross income, or total gross income?

Taxable income

500

The Riches have combined wages of $620,000. They had dividends of $9,500, interest of $4,500, and adjustments of $25,350. Their itemized deductions added up to $21,000. They're married filing jointly. What is their taxable income?

$579,450

Deductions, Deductions

100

Are you more likely to be audited if you itemize or take the standard deduction?

Itemize

200

What is the current standard deduction for a single person?

$14,600

300

True or false: You can deduct expenses for higher education.

TRUE

400

Which of these is not deductible in Ohio:

Car registration fees

Energy-efficient home upgrades

Payments for childcare

Contributions to retirement plan

Car registration fees

500

Contributions to this type of account, used for medical expenses, may be deducted from your taxable income.

HSA (Health Savings Account)

I Owe You One

100

If my taxable income is $55,555 and I'm single, how much tax do I owe?

$7,280

200

If my taxable income is $45,000 and I'm single, how much tax do I owe?

$5,171

300

If my taxable income is $83,800 and I'm married filing jointly, what is my tax liability?

$9,595

400

If my taxable income is $400,000 and I'm married filing separately, what is my tax liability?

$111,062.75

(will also accept $111,063)

500

If my AGI is $170,000, I'm taking the standard deduction, and I'm filing as head of household, what is my tax liability?

$26,893

So U Think U No Mr. G

100

How many children does Mr. Gregory have?

1

200

What industry did Mr. Gregory work in before teaching?

Finance / actuarial

(will not accept accounting)

300

What state is Mr. Gregory originally from?

Kentucky

400

How many years has Mr. Gregory been teaching? (including this year)

9

500

What is Mr. Gregory's favorite video game console of all time?

SNES (Super Nintendo)