1
Box 1 on the W-2 and 1040
What is the total amount of income you received through wages, tips, or other forms of compensation
The W-2 is filled out by ____ and shows ____
What is the employer and to record how much an employee was paid and how much tax was withheld
A 1040 is filled out by ____ for ____
What is U.S. taxpayers and to file an annual income tax return
Two examples of filing status
What is single, married (separated of joined), head of household, widower with dependent
What you can do with a paycheck
What is cash a check directly, or deposit it in the bank or credit union account
Exempt from sales tax
What is purchases of real estate
The IRS stands for
Internal revenue service
Does having a dependent decrease or increases your tax returns
Claiming a dependent(s) means you can access certain deductions and credits, which can ultimately lower your tax burden
Tax deductions are
What is a reduction of income that is able to be taxed and is commonly a result of expenses, particularly those incurred to produce additional income
Two examples of deductions you might see in a paycheck
What is federal income tax withholding, FICA, state income tax withholding, local tax withholding, (possibly court ordered child support)
The town with the highest sales tax percentage in America
What is Arab, Alabama
Included in taxable income
The tax rate for someone filing single with a taxable income of 10,000 or less
What is 10% tax rate
Tax system that the US uses
To claim a tax deduction
Saving for retirement reduces your tax liability (yes or no)
Capital gains are a form of tax liability (yes or no)
What is yes
Investopedia ranked as the highest overall tax prep servicer
What is H&R Block
The average cost of a tax prep service
What is $242
The name of the proposed Act that would force the IRS to establish free tax prep services
What is the Tax Filing Simplification Act of 2022
State taxes pay for
The kind of tax that medicaid is
What is federal tax
Consumption based taxes are
What is taxes on product sales taxes, excise taxes, value-added taxes, use taxes, taxes on gross business receipts, and import duties
The actress from the previous video
What is Jennifer Aniston
A sample size of 30+ means your distribution is Normal because
What is the Central Limit Theorem