Personal Taxes

Timelines & Tax Breaks

100

When is Tax Day?

April 15th

200

Complete this sentence:

"When it comes to taxes, the more you make, the more you ____!"

Pay!

300

Which of these could you claim on your taxes as a tax break?

a) College graduation

b) Charitable donations

c) Vehicle maintenance

b) Charitable donations

400

By law, taxpayers must have their W-2's no later than ___________ so they can file their taxes on time.

January 31st

500

Name something the IRS can do to you if you fail to file your taxes by Tax Day.

- Charge you a fee

- Take away your refund

- Claim your property

- Revoke your passport

Why We Pay Taxes

100

There's 2 types of tax deductions. _______ and _______. Which one you take depends on which one is bigger.

Standard & Itemized

200

Name something LOCAL taxes are used for.

- Police & fire protection

- Maintaining local roads

- Building schools

- Combating neighborhood crime 

300

Name something STATE taxes are used for.

- Maintaining state roads and highways

- Funding the National Guard

- Assisting farmers w/ agricultural issues

- Managing state court system

- Funding state educational/social programs

400

Name something FEDERAL taxes are used for.

- Funding the U.S. Military

- Funding/maintaining education & health programs (Social Security)

- Disaster relief 

500

When you're filing your taxes, how can you tell if you're going to have to pay IN?

If you underpaid throughout the year, you owe the government money.

Forms

100

On a W-4 tax form, you should choose _________ if you want the government to take maximum taxes out of your checks.

a) Single (1)

b) Single (0)

Single (0)

**Means you are NOT claiming yourself on your own taxes!

200

Which box on a W-2 shows your total Wages & Compensation (after deductions)?

Box 1

300

Shaniqua makes $45,000.00 a year as a Ranch Dressing Expert. What tax bracket does she fall under?

a) 22%

b) 20%

c) 10%

d) 24%

22%

400

Which box on a W-2 shows if you participated in a retirement plan or not?

Box 13

500

Most people technically don't have to pay to do their own taxes. In fact, you can fill out form _____, and file your own for free.

1040

BONUS: Points worth DOUBLE!!

100

Taxes have been around for a LONG time. In fact, taxation goes all the way back to Ancient Egypt around what year?

a) 2,500 B.C.

b) 3,000 B.C.

c) 800 A.D.

3,000 B.C.

200

According to the IRS, taxpayers spend an average of ___ hours doing record-keeping, tax planning, form submission, and other super fun tax-related activities.

a) 11

b) 9

c) 13

11 hours!

300

This mob boss didn't go to jail for running a criminal enterprise or murdering people. Instead, the feds got him for tax evasion and fraud. Who was he?

a) Bugsy Siegel

b) Lucky Luciano

c) Al Capone

c) Al Capone

400

In 1698, Russia's Peter the Great introduced a tax for what?

a) Beards

b) Pipe Tobacco

c) Nylon stockings

a) Beards

Since beards reflected Westernized culture, he HATED them. So, men who chose to have beards had to pay a tax.

500

Fun fact: you're better off filing your taxes online. Research shows that paper taxes are ___ times more likely to contain a mistake compared to filing online.

a) 40

b) 15

c) 25

40