Taxation

Vocab

100

You fill out 1040's for this.

What is an income tax?

200

A gift that is less than $15,000 is an example of this.

What is non-taxable income?

300

The number of people in your household help determine this part of your taxes.

What is a tax deductible?

400

This is a tax on a dead person's property.

What is an estate tax?

500

Gross pay is defined as this.

What is your pay before taxes?

Tax Forms

100

This is the standard income tax form.

What is a 1040?

200

This is a now outdated tax form for income tax.

What is a 1040EZ or a 1040A?

300

This is taken out of your paycheck to be set aside for your retirement.

What is social security tax?

400

This the date that taxes are filed.

What is April 15th?

500

Illinois has a flat version of this. Iowa has a progressive version of this.

What is a state income tax?

The Ram Clan

100

The GOAT.

Who is Dave Ramsey?

200

Just. The. Worst.

Who is Jon Acuff?

300

Has the eyes of a maniac.

Who is Rachel Cruze?

400

Unseen and unknown.

Who is Dave's wife Sharon?

500

The star of Dave Ramsey's speakers (not counting Dave).

Who is Chris Hogan?

Math Problems

100

This is the taxable income from the following information: Commissions: $37,855; interest on municipal bonds: $458; child support payments: $2090; stock dividends: $1090.

What is $38,495?

200

This is the adjusted gross income with the following information: Compensation and Income: Wages $28,956; Dividends $692; Interest: $76. Adjustments: IRA contribution: $650; Business Expense: $29

What is $29,045?

300

Find the taxable income based on the standard deductions and exemptions table on p. 489. Adjusted gross income: $30,400. Married separately with 3 exemptions

What is $19,589?

400

Between the standard and itemized deduction; this is the is the kind of deduction the qualifying widower with a $49,653 adjusted gross income and 1 exemption use a standard deduction or an itemized deduction of $9,715?

What is the itemized deduction?

500

This is where a millionaire would pay a higher sales tax between Iowa and Illinois.

Where is Illinois?

Math Problems

100

This is the taxable income based on the following information. Business profit: $45,290; profit from real estate sale: $29,568; insurance benefit received for damages: $1298; interest on corporate bonds: $1800

What is $76,658?

200

Find the adjusted gross income with the following information. Compensation and income: Wages $67,857; Dividends: $1,800; Interest: $976; Land sale profit: $4,950. Adjustments: IRA contribution: $1,420.

What is $74,163?

300

This is the taxable income after the standard deductions and exemptions on p. 489. A single person with a $44,789 adjusted gross income and 1 exemption.

What is $36,989?

400

This is where a millionaire would pay a higher income tax between Iowa and Illinois.

Where is Iowa?

500

These are 3 of the 7 states without a state income tax.

Where is Wyoming, Washington, Texas, South Dakota, Nevada, Florida, or Alaska.