General
How Much Do I Owe?
Auto Deductions
Income
Education
100

What are taxes?



Mandatory payments people make to governments

100

Does your standard deduction increase with inflation?



Yes
100

Can you write off your mileage if you are a W2 employee?

Generally, no unless you are a statutory employee. 

100

Amount earned before deductions and tax credits (Name the term)

gross income

100

Is a 529 education plan a good plan for college?

Yes!

200

 Institution that collects federal income taxes in the United States (Name the term)



IRS (Internal Revenue Service)

200

Do you pay taxes on your 401K contributions

No

200

What is the mileage rate for 2024?

$.67

200

People who make under $12,400 per year do not pay annual income tax. True or False?

True

200

Can you deduct interest from a student loan?

Yes

300

What is an itemized deduction?



eligible expenses that individual taxpayers can claim on federal income tax returns that decrease their taxable income

300

Do you pay tax on your Roth contribution?



Yes, but not when you make a distribution if you are of age. 

300

Can you claim mileage for charity services?

Yes, you can claim $.14 per mile. 

300

What is income tax?

A tax that is placed on how much income an individual makes.

300

Can you use the American Opportunity Credit for graduate school (5th year and beyond)?

No, only for the first four years of a higher education institution are eligible.

400

When is Tax Day?

April 15

400

If your tax liability is $0, do you get any money back from a non-refundable tax credit?


No, only refundable credits are eligible.

400

You can claim actual expenses and mileage, true or false?



False, you can only claim one method.

400

Can a donation to a Charity to reduce your taxes? Why or why not?

Yes, they are a 501(c)(3) meaning donations are tax deductible

400

Can you use the Lifetime Learning Credit on your graduate degree (5th year or more)?



Yes, it can be used every year. 

500

Does a Non-Profit need to file taxes? Why or why not?



Yes, they are a designated non-profit 501(c)(3)

500

How much is the dependent credit (child tax credit) per child?

$2,000

500

Can you fully depreciate your business vehicle in 2024?

No, only 80% in 2024 and will decrease by 20% for the next four years.

500

If I am self-employed, what is the minimum amount I have to make in a year to be required to file a tax return?

$400

500

Can you phase out of the education credits? 

Yes, if you make too much money, you can phase out of the credits.