Taxes

Question 0

Someone who is supported by a taxpayers income

Answer 0

Dependent

Question 1

Factors that affect the amount of income tax withholding

Answer 1

Allowances

Question 2

Reduces the amount of income that is taxed

Answer 2

Tax deduction

Question 3

the amounts actually spent on tax-deductible expenses during the year

Answer 3

Itemized deduction

Question 4

A set amount that the IRS allows without listing any actual expenses

Answer 4

Standard deduction

Question 5

Subtracted directly from the amount of tax owed

Answer 5

Tax credit

Question 6

The largest source of money used by the federal government comes from…..

Answer 6

Income tax

Question 7

Determining factors in how much money is withheld from your paycheck…

Answer 7

How much you earn
How often you get paid
Information you give your employer on form W-4

Question 8

Employees Withholding Allowance Certificate

Answer 8

Form W-4

Question 9

How do you determine when your exempt from paying taxes

Answer 9

If you didn’t pay taxes the previous year

If you expect to have too little of an income

Question 10

When is tax day

Answer 10

April 15th

Question 11

Purpose of a tax return

Answer 11

Report your actual earnings
Calculate how much tax you owe on those earnings
Compare the owed to the total amount withheld

Question 12

Government agency in charge of collecting federal income tax

Answer 12

IRS (Internal Revenue Service)

Question 13

4 things to do before you complete your tax return

Answer 13

Form W-2
Form 1099
Read IRS instruction booklets and forms
Personal records

Question 14

How does your employer help you with your tax obligation

Answer 14

Withhold or take out, income tax from every paycheck and send the money to the government

Question 15

Where does a W-2 come from? When must you receive it by?

Answer 15

Employer

January 31

Question 16

Two things to check once you receive a W-2 form

Answer 16

Check that your name and SS# are correct

Check that it corresponds to your year to date figure on the pay stub

Question 17

What is a 1099 form? Who sends it to you?

Answer 17

Shows the amount you earned

The bank

Question 18

What are the three forms to choose from when filing your federal income tax?
What form do teens use to file?

Answer 18

1040
1040A
1040EZ

1040EZ

Question 19

What do you do if you underpaid your tax obligation?

Answer 19

Send the remaining tax to the IRS with your return

Question 20

Biggest advantage to filling your tax return electronically?

Answer 20

More efficient and sends refunds more quickly

Question 21

A kind of tax that is tax on interest you earn on savings?

Answer 21

Income

Question 22

Tax that helps pay for peoples retirement

Answer 22

Social security

Question 23

Level of government primarily responsible for providing public elementary education

Answer 23

Local

Question 24

Level of government that pays for the goods of traffic lights and sidewalks

Answer 24

Local

Question 25

Consumption tax

Answer 25

Sales tax

Question 26

Who pays the payroll taxes to the government

Answer 26

Employers

Question 27

Progressive tax

Answer 27

Income tax

Question 28

Tax that would make gasoline cost more

Answer 28

Excise

Question 29

Tax that is used to decrease demand for a particular item

Answer 29

Sales

Question 30

Level of government that lays for bridges, highways, and hospitals

Answer 30

Federal, State, and Local

Question 31

Level of government that gets most of it's revenue from property tax

Answer 31

Local

Question 32

Tax on something you buy

Answer 32

Sales

Question 33

Tax on something you own

Answer 33

Property

Question 34

Level of government gets most of its income from income tax

Answer 34

Federal

Question 35

Excise tax

Answer 35

Luxury tax

Question 36

Taxes on gasoline, airplane tickets, and cigarettes

Answer 36

Excise

Question 37

Tax is different for different people based on their ability to pay

Answer 37

Income

Question 38

Tax on money people get for working

Answer 38

Income

Question 39

Government that can tax peoples income

Answer 39

State, Local, Federal

Question 40

Government that pays for the service of medical care for people who can't afford it

Answer 40

Federal

Question 41

A sum of money demanded by a government to support the government itself as well as specific facilities or services

Answer 41

Taxes

Question 42

A person who pays a tax to national, state, county, or municipla(city/town) governments

Answer 42

Taxpayers

Question 43

A group of people with common interests and concern for the common good

Answer 43

Community (U.S. State, County, City/Town) Roads, libraries, military for national security, public schools, police and fire departments, and recreation

Question 44

Money earned from working for pay | Wages and Salaries earned from employment

Answer 44

Earned income

Question 45

Income received from sources other than employment | Interest earned from a savings account

Answer 45

Unearned income

Question 46

Tax on earned and unearned income

Answer 46

Income tax

Question 47

A tax on earned income that supports the SS and Medicare programs (FICA)

Answer 47

Payroll tax

Question 48

A tax on property, such as land, buildings, and motor vehicles

Answer 48

Property tax

Question 49

Tax on purchased goods and services

Answer 49

Sales tax

Question 50

Taxes collected from the seller or retailer and as such often remain hidden in the price of a product or service

Answer 50

Excise tax