Take the Money & Run
What does "IRS" stand for?
What is the "Internal Revenue Service?"
All taxpayers must use one of three basic tax forms. Name one of these three tax forms that reports a tax return
What is Form 1040, Form 1040A or 1040EZ?
Yes or No--Is it taxable? Wages, Salaries and Tips
What is "Yes?"
If you are to receive a refund, you can have the IRS either mail you a check, or ......
What is have the money go into your checking or savings account by "direct deposit?"
Term(s) used about money paid to employees after taxes are taken out
Net Pay or Net Income
Willful failure to pay taxes is called ______ ________.
What is "Tax Evasion?"
All taxpayers must file their Income Tax by this date.
What is "April 15?"
True or False:
Religious based organizations are tax exempt; meaning that they do not need to report/pay taxes to the US government
True
A person who lives with you and for whom you pay more than half of his or her living expenses.
What is a "dependent?"
Who is eligible to collect social security?
Retirees, Disabled, Families of Deceased Retirees
An examination of your tax return by the IRS.
What is an "Audit?"
One important tax document you will need to complete the filing of your Income Tax is your _____, which your employer must complete and send to you by January 31st.
What is a "W-2?"
Yes or No?--Is it taxable? Unemployment Compensation
What is "Yes?"
True or False? Tax deductions reduce taxable income, while tax credits are subtracted directly from taxes owed.
What is "True?"
What is an entitlement?
any government-provided or government-managed benefit or service to which some or all individuals are entitled by law
The IRS is an agency of this department, and has its headquarters in Washington, D.C.
What is the "Department of the Treasury?"
What is the term for all the taxable income you receive?
What is "Gross Income?"
Yes or No?--Is it taxable? Child Support
What is "No?"
True or False? If the amount of taxes withheld from your paycheck is less than your total tax, you will be receiving a refund from the IRS.
What is "False?"
How many tax brackets does the US have?
7
How much percent is taken out of an individuals taxes roughly??
20-30%
What is social security?
Nation’s retirement program, helps provide retirement income for elderly and pays disability benefits
True or False:
U.S. citizens who work abroad may not have to pay taxes to Internal Revenue Service if they meet specific criteria.
True
If you have paid more Federal Income Tax than you should have, then you will be receiving a _________.
What is a "Refund?"
What does FICA stand for?
Federal Insurance Contribution Act