During the Civil War, anyone making over $800 will be charged with a ______ tax.
a. 6%
b. 3%
c. 8%
b. 3%
100
What is income tax?
A tax imposed on individuals that varies with the income of the taxpayer.
100
The annual date for filing federal individual tax returns without extensions is _____. (Prior to 2017)
April 15th
100
What was the first tax day in US history?
March 1st
100
What is the tax day for 2017?
April 18
200
When was the 16th Amendment ratified?
a. 1909
b. 1916
c. 1913
c. 1913
200
Give two examples on how the government uses federal income tax.
Military
Roads
Schools
National Parks
Medicare/health care
Libraries
Social Security
Public Services (911, police, etc)
200
Congress has power to levy an income tax
16th Amendment
200
What year was the first tax day established?
1913
200
What happens if the tax day falls on a weekend or a civil holiday?
The deadline is moved to the next working day.
300
In 1909, who proposed the 16th Amendment?
a.William Howard Taft
b. George Washington
c. Henry Clay
a. William Howard Taft
300
What is the 16th Amendment?
Allows Congress to collect an income tax from all Americans.
300
A payment required by a government that is unrelated to any specific benefit or service received from the government.
Tax
300
Did they change the initial tax day? If so, to what?
Yes, to March 15th.
300
What was the official reason for the IRS pushing back the tax date?
Dates were pushed back to spread the workload of IRS employees.
400
A court case in 1895 declared federal income tax (imposed on property) as ______.
a. unconstitutional
b. unhelpful
c. unnecessary
a. unconstitutional
400
Does the federal income tax go to the states?
No
400
Who was in presidency when the 16th amendment was proposed?
William Howard Taft
400
Why did they choose March 1st as the initial tax date?
It fell roughly one year after the 16th amendment was enacted.
400
Why does tax day fall on April 18 this year?
Because April 15 is on a weekend.
500
Which court case, in 1895, established the 16th Amendment?
a. Marbury v. Madison
b. Dartmouth College v. Woodward
c. Pollock v. Farmer's Loan & Trust Co.
c. Pollock v. Farmer's Loan & Trust Co.
500
Does the government use a census as a basis for distributing taxes on people?
No
500
Gaby filed her tax return on February 10th this year. When will the statute of limitations expire for this tax return?
3 years from April 15th
500
What was the tax date in prior to this year and what year was it established?
April 15th, 1955
500
Despite the official reason, what do economists speculate is the reason for pushing back the tax date?
A later date gives more time to pay refunds because the longer the IRS can hold the money, the more interest it earns.