Tax Types
Name the three common taxes.
Income, sales, and property
A tax on imported/exported goods.
What is a tariff?
A form in which an individual taxpayer makes their annual statements on income and personal circumstances, then used by tax authorities to decide their liabilities on taxes.
What is a tax return?
A mandatory charge collected by local, state, and national governments.
What are taxes?
Tax laws that help you reduce your tax liability or bill.
What is a tax benefit?
A tax on real estate, land, and vehicles.
What is a property tax?
Name on type of tariff.
Double points!!!
Import, export, transit, retaliatory, reciprocal, anti-dumping, ad valorem, specific, compound, and revenue.
A form that an employer sends their employee in January to list your wages and salaries withheld.
Double points
What is a W-2?
The most recent tax law.
What is the One Big, Beautiful, Bill Act?
Any change in tax law that results in you paying less taxes.
What are tax cuts?
Taxes on C corporations.
What are corporate taxes?
Name three ways tariffs affect the economy.
Triple points!!!
Pros: Protect domestic industries, generate revenue for governments, reduce trade deficits, and strengthen national security.
Cons: Higher consumer prices, disrupt supply chains, weaken trade relationships, and risk retalitaion.
A form used to file personal individual federal income tax return.
Triple points!!!
What is a form 1040?
The illegal practice of paying less taxes.
What is tax evasion?
A provision in tax law that allows individuals and businesses to reduce the amount of income tax they owe, dollar-for-dollar.
Double points!!!
What is a tax credit?
Taxes withholding a portion of an employee's paycheck.
What are payroll taxes?
Name one reason why the Supreme Court ruled against IEEPA tariffs.
Quadruple points!!!
Violation of Separation of Powers, Misapplication of IEEPA, "Major Questions" Doctrine, Excluded Authority, Scope of "Regulation", and Rebuke of Wide Authority
U.S. income tax return used by C corporations to report their income, deductions, and tax liability.
Quadruple points!!!
What is a form 1120?
The legal practice of paying less taxes.
What is tax avoidance?
An expense or allowance that you can subtract from your taxable income.
Double points!!!
What is a tax write off/deduction?
Name the four types of income taxes.
Double points!!!
Payroll/Self-employed, city income tax, state income tax, and federal income tax.
Name the three major trade laws that give the president power to impose tariffs.
5-ten fold points!!!
Trade Expansion Act, Trade Act, and International Emergency Economic Powers Act.
U.S. income tax return for Estates and Trusts.
5-ten fold points!!!
What is a form 1041?
The law that introduced and imposes Social Security and Medicare taxes on worker's incomes.
Double points!!!
What is the Federal Insurance Contributions Act (FICA)?
A legally granted reduction or elimination of the obligation to pay taxes to federal, state, or local governments.
Triple Points!!!
What is a tax exemption?