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Types of Taxes
Tax Terms pt.1
Tax Terms pt.2
Tax Forms
Tax System
100
Payments to a government for social work projects and to keep the country running are also known as?
What are taxes?
100
An IRS accountant walks into Walmart's corporate headquarters and asks for their income tax returns. What is the IRS accountant performing?
What is an audit?
100
Airwrecka makes $323.69 on her weekly paycheck. After deductions her paycheck is now $291.29. What is her gross income?
What is $323.69
100
Randalph is married and needs to know how he can file for taxes. What are his options?
What are married person filing jointly or separately?
100
When the government trusts you and requires you to fill out and pay your taxes on your own it is referred to as?
What is voluntary compliance?
200
After you pay your taxes the government takes them and counts them as?
What is revenue?
200
Randolph lost his wife and cares for two kids. These kids are considered what on taxes?
What are dependents?
200
Before you fill out your tax forms this is the amount you think you will be required to pay.
What is estimated tax?
200
Martha is married, with no kids, and she makes $98,000 a year while her husband doesn't work with no unemployment compensation. What form can they use?
What is any of them? The best being 1040 EZ.
200
For those who know they won't make enough money for taxes to be taken out can claim this.
What is exempt status?
300
Sales tax and consumption taxes are examples of what type of tax?
What is Regressive?
300
If Mike has 3 children and is on some government support programs he will pay less because his children count as what on his taxes?
What are exemptions.
300
Randy a citizen who makes $100,000 yearly and meets the tax due date yearly. What responsibility is he performing?
What is tax compliance?
300
To accurately complete your taxes you need to get this form from you employer, which they are required to give you by the end of January of the new year.
What is your W-2?
300
After you remove certain items such as IRA's and student loan interests you are able to arrive at what?
What is adjusted gross income?
400
If you make $25,000 and are charged 7% in taxes, while your friend Eric makes $77,200 and is charged 13% in taxes, then you are in what type of tax system?
What is Progressive?
400
Katy owns $750 in taxes they were due April 15th and it is July 22nd. Katy is actively avoiding the IRS when they try to contact her. What is Katy actively doing?
What is Tax evasion.
400
If Jim is in the $2,850 to $2,875 tax bracket what is Jims tax liability?
What is $286?
400
Name the three basic tax forms.
What are 1040EZ, 1040, and 1040A
400
Dave is paying $498 on $4,950. In the course of the year he made $49,642. What is his taxable income and what does the other number represent?
What is $4,950? The $49,642 is his gross income.
500
If both you and your buddy, Jeff, both own houses worth $250,000 you earn $25,000, while he earns $89,000 and you both are in a proportional tax system then who will pay more in taxes on the house?
Who is neither one? In proportional tax system the taxes are the same on things of the same value regardless of income.
500
Max earned $55,689 and he had a lot of problems with his hip. He had to get surgery and then had a lot of medical expenses. He is able to count those off his income and then arrive at his taxable income but these deductions are known as what kinds of deductions.
What are itemized deductions.
500
Ricky makes $36,500 yearly and is put in to the 15% tax rate group, while Julian makes $406,000 yearly and is put into the 35% tax rate group. What are these groups called?
What is a tax bracket?
500
If Bill has enough deductions to benefit from itemizing them, then he should use form?
What is form 1040?
500
If Bill was normally in the $1,500 tax bracket and then he paid for being in the $1,300 tax bracket, what did Bill receive so he paid for being in a different tax bracket then he normally is?
What is a tax credit?