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Tax System
Tax Forms
Federal Income + Expenses
Important Dates
Miscellaneous
100
The term for a tax system in which the tax rate gradually increases as the amount of taxable income goes up?
What is a progressive tax system?
100
A form, sent by employers, that says your total gross earnings from the prior year, as well as the amount of federal, state, and payroll taxes withheld.
What is a W-2?
100
Of education, scientific research, and defense, the area in which the federal government spends the most.
What is defense?
100
Usually April 15th, this year it is April 17th.
What is the last day to file taxes (or request an extension)?
100
If you can't finish your taxes on time, you should request one of these.
What is an extension?
200
The term for rate of the highest bracket which a portion of your income falls into.
What is marginal tax rate?
200
A form you fill out when you start a job, which tells your employer how much to withhold based on the number of allowances you claim (for example, for dependents you are responsible for).
What is a W-4?
200
A type of tax paid on money earned from wages, salary, and/or tips.
What is income tax?
200
January 31st.
What is the day by which your employer must send you Form W-2?
300
John earned $15,000 in 2017.  The tax brackets he falls into are $0-$9,999 (5%) and $10,000-$10,999 (10%).  Of the following, this is John's average tax rate.

- Below 5%

- 5%

- Between 5% and 10%

- 10%

- Above 10%


What is between 5% and 10%?
300
The form on which you actually file your taxes. If your tax situation is simple, you can use the "EZ" version.
What is the 1040 or 1040EZ?
300
A type of tax paid by both employers and employees, which goes to fund Social Security and Medicare.
What are payroll taxes?
300
In 2018, you will pay file taxes on all income earned between these two dates.
What is January 1st, 2017 to December 31st, 2017?
400
Give one example of earned income and one example of unearned income.
Earned: Wages, salary, tips


Unearned: Interest, Investment appreciation

400
The three ways you can file your taxes.
What are hire a professional, use a software program, and do it on paper forms?
400
Order, from largest to smallest, the sources of income for the federal government:

Corporate Tax

Payroll Tax

Excise, estate, and other taxes

Income Tax

What is:

1. Income Tax

2. Payroll Tax

3. Corporate Tax

4. Excise, estate, and other taxes?

400
October 15th.
What is the last day to file if you've been granted an extension?
500
The difference between marginal tax rate and average tax rate.
What is the marginal rate is the rate of your highest bracket, while the average rate is the average of rates across brackets for which your income qualifies?
500
3 of the 4 criteria that could qualify someone as a dependent.
What are:

Under age 19

Under age 24 and a full-time student

Permanently disabled

Receive more than 50% of financial support from another person?

500
The three largest expenses of the federal government (include discretionary and non-discretionary spending).
What are Social Security, Medicare/Medicare, and Defense?
500
January 29th.
What is the first day on which you can file your taxes?
500
If you fail to file and pay your taxes, these are 2 things that could happen.
What are:

You will be assessed fees,

You will be charged interest on your unpaid taxes,

Your credit score will be damaged

The IRS will calculate the tax you owe for you, assuming the highest rate possible?