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Tax Laws
Forms, Filing Status
Income
Deductions, Exemptions
Tax credits, tax owed
100
This calendar date is well-known as the tax deadline.
What is April 15?
100
A filing status used by many non-married individuals?
What is single?
100
Your W-2 amounts will add up to this common income item.
What is wages and salaries?
100
A fixed amount deducted from your adjusted gross income to determine your taxable income.
What is "standard deduction"?
100
Lowest marginal tax rate on federal taxes
What is 10%?
200
The letters IRS stand for this governmental organization.
What is the Internal Revenue Service?
200
A filing status commonly used by families.
What is married filing jointly?
200
Many people reduce their adjusted gross income by contributing to this "3-letter" item.
What is an IRA?
200
You do this when you list specific deductions.
What is itemize?
200
Highest marginal tax rate on federal taxes
What is 35%?
300
In addition to the federal government, you may also have to pay taxes to these governments.
What are state and local?
300
You can use this tax form if you have no dependents and your taxable income is less than $100,000.
What is 1040EZ?
300
This income item may actually be tax-exempt.
What is interest income?
300
You get one of these exemptions for each individual on your tax return.
What is "personal exemption"?
300
Paying for college may reduce your taxes due to this
What are education tax credits?
400
A process that collects income tax revenue as it is earned throughout the year.
What is withholding?
400
If you can't file the simpler tax forms, you can always file this.
What is Form 1040?
400
This is the sum of wages and salaries, interest income, dividend income, and capital gains.
What is gross income?
400
When you give to these, you can deduct the amount from your taxes
What are charities?
400
Depending on your income, this tax credit might help you feed that new addition to the family.
What is a child tax credit?
500
FICA taxes fund these two major government programs.
What are Social Security and Medicare?
500
A common software program that many use to do their taxes themselves.
What is TurboTax? (other answers possible)
500
When your gain is for a period of less than 12 months, you call it this.
What is short-term?
500
Big deductions that come from owning real estate.
What are interest expense and real estate taxes?
500
For low income earners, this may help lower taxes.
What is the earned income credit?