Income
Tax Terminology
Types of Taxes
Doing Your Taxes
the IRS made this column extra difficult
100
"a fixed, annual amount earned by an employee, typically paid weekly, biweekly, or monthly"
Salary
100
"a report that a taxpayer has to submit annually to the government and is used to determine a person’s tax liability"
Tax Return
100
"tax paid out by anyone who earns an income"
Income Tax
100
"mandatory contributions imposed by a government to help fund government activities & public services"
Taxes
100
What is my baby's due date?
Last Friday, the 23rd
200
"money paid by the hour and for an agreed number of hours per week; especially for unskilled or manual labor"
Wage
200
"the total tax a person or business has to pay"
Tax Liability
200
DAILY DOUBLE
"a tax on the purchase of goods or services in the form of sales tax, excise tax, and other special taxes"
Consumption Tax
200
DAILY DOUBLE
Which form do you fill out when you're starting a job, giving your employer tax information so they can pay income tax for you?
Form W-4
200
In Lord of the Rings: The Fellowship of the Ring, Viggo Mortensen, who plays Aragorn, Son of Arathorn, true heir of Isildur and the rightful king of Gondor, captain of the Dunedain Rangers of the North, and one of the few left carrying the royal blood of the Numenorians, is meant to dodge out of the way of an object in the movie, and instead deflects it with his sword. What object is it, and what creature throws it?
A knife, and it's an orc that throws it.
300
"money earned on a regular basis with little or no effort required to maintain it"
Passive Income
300
"the income ranges in which tax rates apply"
Tax Bracket
300
"a state tax on an asset an individual received from someone who has passed away"
Inheritance Tax
300
"an amount of money a taxpayer can subtract from the taxes that they owe"
Tax Credit
300
Who composed the music for the ballet, Swan Lake?
Pyotr Ilyich Tchaikovsky
400
"the portion of an employee’s pay held back to cover taxes and other deductions"
Withholding
400
"your gross income minus your non-tax deductions"
Adjusted Gross Income (AGI)
400
"a tax on certain goods that aren’t typically considered a necessity; sometimes called a luxury tax"
Excise Tax
400
"the dollar amount people can subtract from their income before tax is calculated"
Standard Deduction
400
In Lord of the Rings: The Two Towers, Viggo Mortensen, who plays Aragorn, Son of Arathorn, true heir of Isildur and the rightful king of Gondor, kicks a helmet in one scene and screams, as Mortensen actually broke his toe. Which toe did he break?
Big Toe
500
Which type of income is made from investments sold at a profit?
Portfolio Income
500
"a special tax form to report certain types of income or deductions"
Tax Schedule
500
Property Tax, Capital Gains Tax, Estate Tax, and Gift Tax are all under what category of taxes?
Wealth Taxes
500
"a list of all eligible expenses that can be claimed to decrease taxable income"
Itemized Deduction
500
In Lord of the Rings movie trilogy, Viggo Mortensen, who plays Aragorn, Son of Arathorn, true heir of Isildur and the rightful king of Gondor, often spent his free time on set in New Zealand doing what outdoor activity?
Fly Fishing