Tax Forms
AHHH... it's THE GOVERNMENT!
Income Basics
Filing Your Taxes :'(
Gettin' Paiddd
100
This form is used by most people to file their yearly income tax.
What is a 1040?
100
I am the SECOND highest spending category in the federal government's budget?
What is Social Security?
100
Money you earn from a job is called
What is income?
100
The money you get back from the government if you paid too much in taxes.
What is a tax refund?
100
One might describe this number as disgusting considering it is how much money you would've made without any deductions or withholdings
What is gross pay?
200
This form you receive once in the beginning of each year you've worked and you use it to aid you in filing your taxes.
What is a W-2?
200
What is this government agency and what does it stand for?
Who is Internal Revenue Service that collects and processes your taxes?
200
The type of income that is NOT earned from your job.
What is unearned income?
200
This is the amount owed if you did not pay enough in taxes the previous year
What is tax liability?
200
How many paychecks would I receive in one year for each of the following pay schedules:
- Bi-Weekly
- Semi-monthly
- monthly
What is 26, 24, and 12?
300
What is this form?
What is W-4 form?
300
The IRS has just "audited" you. What does that mean?
What is checking your submitted taxes to make sure everything is correct?
300
Money taken out of of your paycheck automatically for taxes and other things like 401K and healthcare is called
What are deductions or withholdings?
300
In order to be able to see whether or not I owe the government or they owe me money I must first...
What is file a tax return?
300
This is typically a perk of hourly jobs if you happen to work more than the normal 40 hours in one week
What is overtime pay?
400
**VOCAB SHEET ELIGIBLE**
This type of career path would have you fill out a 1099 form instead of a 1040 when filing your taxes. Give me an example of a job in this category?
What is someone who is self-employed? Ex. contractor, home baker, nanny, etc.
400
"Tax Day" is on this date every year.
What is April 15th?
400
This is the portion of your income that is eligible to be taxed
What is taxable income?
400
This picture represents what type of filing status that you can choose when filing taxes or willing out a W-4?
What is married (bonus 100pts if you mentioned with dependents)?
400
What is the minimum age you have to be in order to start paying taxes?
What is none? It is not related to age, but employment status!
500
I am filled out when you start a job to verify that you are allowed to work in the U.S.. You usually need forms of identification to accompany me.
What is an I-9?
500
Which TWO government programs aid citizens over the age of 65 with retirement and healthcare AND what are the %s taken from our paycheck for each!
What is Social Security (6.2%) and Medicare (1.45%)?
500
**VOCAB SHEET ELIGIBLE**
An individual's total gross income minus specific deductions, but before tax withholdings are taken out is called...
What is your Adjusted Gross Income?
500
**VOCAB SHEET ELIGIBLE**
Everyone whose filing status is "independent" is entitled to this fixed $$ amount that reduces the amount of your income that is eligible to be taxed.
What is the standard deduction?
500
A worker earns $15/hour and works 40 hours and $125 in total deductions. This is the amount they take home.
What is $475 in net pay?