Why We Pay Taxes
Which Amendment allowed the government to tax our income?
The 16th Amendment
Name the 5 filing status'.
MFJ
MFS
Hoh
W
S
An amount of money the government is willing to ignore on your taxes is called...
An exemption.
The basic amount of money the government is willing to ignore on your taxes is known as the....
Standard Deduction
What is taxable?
All types of income. (Unless specified by the government.)
List at least 3 things that our taxes pay for.
Public Roads
Public Education
Public Libraries
Business regulations
Our Military
Unemployment Insurance
Public Police
This status enjoys the highest taxed amount. ):
Married Filing Separately
Your parents can claim you as a dependent until you are 19 and as long as you don't provide over half of your needs.... UNLESS what?
You are a full time college student.
Keeping track of all of the things you bought over the year that the government is willing to ignore is called...
Itemizing
You should receive your W-2 from your ______ by the end of ___________.
boss/company
January
What war caused America to first tax its citizens?
Revolutionary war.
We went broke trying to get free.
In order to file as this, you must not be married and you must have a dependent you take care of full time.
Head of Household
What are the 3 countries that the government says your dependents must be from if they are not biologically yours and/or legally adopted?
US, Mexico, and Canada
What are 2 things you can itemize/write off on you taxes?
Answers may very.
You use your W-2 to help you fill out your ______.
1040
What are the 3 parties involved in creating the National budget with our tax money?
The House of Reps
The Senate
The President
RANDOM ROUND!
What is Mrs.Loree's favorite color?
Orange
What family member does the IRS say doesn't count as actual family?
Cousins
RANDOM round!!
How many hearts does an octopus have?
3
Name a company that can help you file your taxes.
H&R Block
Turbo Tax
CPAs
What war caused America to first have to tax its citizens INCOME?
The Civil war.
RANDOM round!!
How many faces does a dodecahedron have?
12
The failure to pay your taxes is _________ and is known as tax ___________.
Illegal, evasion.
When is itemizing a better deal than the standard deduction?
When your itemized amount is larger than your standard deduction amount.
April 15th is what?