Tax Facts
True or False: You are required to pay taxes by law
True
When you get a job, you will be required to complete a _______ form. This is usually completed on your first day of work or at an employee training prior to starting work.
W-4
The NCDOR e-file for ______ website has a list of approved tax preparation software for participating e-File providers
free
A benefit of using E-file to prepare and file your taxes is _____________
increased accuracy
A ___________ is a person who relies on another person, usually a family member, for financial support
Dependent
You must file your federal and state income taxes by April ____
15th
The _______ form shows how much money you made and how much you paid in taxes from the previous year.
W-2
E-file offers direct deposit for _______(smaller, faster, or increased) refunds
One way to prepare and file your federal income tax return is online. This is called __________
E-file
What would happen if no one paid taxes?
Answers will vary
What agency is responsible for collecting federal income taxes for the US government?
Internal Revenue Service (IRS)
The federal tax form you would use to file your taxes if you are single, 20 years old, make less than $100,000 per year, and have no children would be the ________
1040EZ or 1040
E-filers are issued a Personal Identification Number (also called a ______) that allows the taxpayer to "sign" the return electronically
PIN
Name on commercial e-file software program
Turbo Tax, Tax Act, HR Block
Where can you obtain the 1040EZ and D400 tax forms?
Online, local library
Which answer below is an example of earned income?
Money earned from working at the mall
The North Carolina state tax form you most likely will use is called the _________
D400
The __________ offers free file software for individuals who have an income below $62,000
IRS
True or False: You should have someone e-file your taxes for you who isn't certified by the IRS because it will cost you less money
FALSE! Make sure you choose an authorized e-File provider approved by the IRS
The ___________ _____________ section of the 1040EZ or D400 contains your name, address, and social security number.
Personal Information
What is something NOT funded by taxes in your community?
Fast food restaurants, stores, etc.
This form should be given to you by your employer by January 31st
W-2
Where can you file your tax returns electronically from?
Home, authorized e-file provider, library, etc.
What is one benefit of using e-file to pay your taxes?
Increased accuracy, easy to use, can file state and federal at the same time, faster refunds
True or False: You can complete your federal and state income tax forms by yourself
TRUE! But it may be easier to utilize e-file options or have an authorized provider assist you.