Federal Taxes

Front

What does the term "Tax Bracket" refer to?

Back

The income ranges and the tax rates that apply to them.

Front

What is "Tax Liability"?

Back

The total tax that a person or entity (business) has to pay.

Front

What is the purpose of a "Tax Return"?

Back

The report that a taxpayer must file annually which is used to determine their tax liability.

Front

What determines how much you will have to pay in taxes?

Back

Your tax bracket

Front

What is the range of the percentages for tax brackets?

Back

10% to 37%

Front

What is the purpose of your W-4 form?

Back

To tell your employer how much money to withhold from your paycheck for taxes

Front

How is your tax bill in the Spring determined? Options: The amount of money withheld by your W-4 plus your taxes owed, Your annual income minus your taxes owed, Your taxes owed minus the amount of money withheld by your W-4, Your bank balance minus your taxes owed

Back

Your taxes owed minus the amount of money withheld by your W-4

Front

What can the result of your tax bill calculation be?

Back

Either a refund or money owed

Front

What does owing a bunch of money on your taxes imply?

Back

You are not holding enough back.

Front

What is a W-2 form?

Back

A form that states who you work for and how much money you made.