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TAXES AND YOUR PAY
Other Taxes
Tax Principles
Tax Math
Hodge Podge
100

The amount a person earns BEFORE taxes are taken out is referred to as THIS.

What is Gross Income?

100
The most common tax that every citizen pays is this.
What is a sales tax?
100
We pay taxes to do this.
What is pay for the government?
100
When making $50,000, how much in taxes are you going to pay?
What is $12,500?
100
Name the form you fill out when you begin working to report your tax bracket.
What is W4?
200

True or False: The W2 form shows your expected amount of tax return.

What is FALSE?

200

True or False:

According to the IRS, anyone who has had income tax withheld from their pay should file taxes.

What is true?

200
This principle says that if you benefit from government services and goods you should have to pay.
What is the benefit principle of taxation?
200

If your taxes total 28%, what is your net income if you make $100,000?

What is $72,000?

200

Name two ways in which you can prepare your taxes

What is: Paper forms; online software; hire tax expert

300

The governing body that is responsible for collecting US federal taxes.

What is the IRS?

300

A 20-year-old student with one job who is living at home would file taxes as a: (dependent or independent)

What is a Dependent

300

True or False: If you cannot afford to pay your taxes, you may set up a payment plan.

What is True?

300
Stan gross income is 60,000 and his wife makes 80,000. What is their net income as a family?
What is $102,600?
300

True/False: When filing taxes, an individual must report all income, which includes wages and income from investment.

What is true.

400

These two taxes make up this tax.

What are Social Security and Medicare?

400

In Maryland, three teachers just won the lottery. Do they have to pay tax on their winnings?

Yes - Gift tax.

400

By claiming EXEMPT on the W-4 form, you are saying that...

You are saying that you do NOT meet the minimum income requirements to file.

400

Most state taxes go towards this part of the state budget?

What is Education.

400

What do you need to file your 1040 form?

What is your W-2?

500

Employers send this form to both individuals and the IRS. It shows how much you've earned and paid in taxes last year.



What is a W2 form?

500

Luisa earned $1,200 from her part-time job and $500 from babysitting. How much income should she report?

What is $1700

500

The largest part of state spending is in these two categories.

What is Health and Education?

500

True or False: You get 1 W-2 form every year, even if you had multiple jobs.

False - you get one from each employer. 

500

Individuals receive their W-2s by the end of January each year, and must complete filing taxes by.

What is April (15th)