Income
Gross income
What is income you make before taxes and deductions are made?
Tax taken out of your paycheck
What is income tax?
You can opt out of a W-2 if you don't need it.
What is False?
April 15
What is tax day?
Gross Pay
What is the amount earned before deductions?
The more you make, the more you are taxed
What is progressive tax?
How long should you keep your taxes for before getting rid of them?
What is 3 years?
W-4
What is a form that you fill out when you start a job to tell how much to withhold for the year?
What is January 31?
Sales tax percentage in Minnesota
What is 6.875%?
Form claiming filing status, number of allowances claimed, and any additional withholding requested.
What is W-4 form?
Sin tax
What is the tax on alcohol, tobacco and gas?
(Excise taxes)
A form that shows how much was withheld throughout the year given to you by your employer
What is a W-2?
Taxes were started due to which war?
What is the Civil War in 1861?
Schools, public libraries, police department, etc
What is the things that local taxes pay for?
Annual Income
What is my income for the year?
A tax payed on goods such as alcohol, cigarettes and tanning
What is excise tax?
A form that is filled out each tax season and used to file your taxes
What is a 1040?
It is a good thing to have a huge tax refund.
What is False?
The IRS can do this to you if they feel you are not correctly reporting each year
What is audit?
List all of the things deducted from your paycheck
(Need 5/7 for full credit)
Hint: 7
What is social security, medicare/medicaid, federal, local, state, health insurance and 401(k)
tax on home you own
What is property tax?
Income reported from freelance work, real estate, investments/capital gains, interest from bank, and checks from government.
What is 1099?
Pros of IRA's
What is a way to lower your taxable income?
Tax extension
What is what you should file if you do not receive your W-2 on time or need extra time from the IRS?
What is October 15?