Beginning Federal Income Taxes

Front

What does AGI stand for?

Back

Adjusted Gross Income

Front

What type of information is NOT included on a W-2 form?

Back

Employer's Social Security Number

Front

The W-2 form is used to...

Back

report an employee's annual income and taxes.

Front

Why are tax credits better?

Back

They reduce your tax owed dollar for dollar.

Front

Your spouse dies in November, what is your filing status for the year?

Back

Married filing jointly.

Front

What is the purpose of a W-4 form?

Back

To inform the employer of the employee's tax withholding preferences.

Front

What is a tax deduction?

Back

An expense that can be subtracted from gross income to reduce taxable income.

Front

What is the difference between a tax credit and a tax deduction?

Back

A tax credit reduces the tax owed dollar for dollar, while a tax deduction reduces taxable income.

Front

What is the standard deduction for a single filer in 2023?

Back

$13,850.

Front

What is the filing deadline for individual tax returns?

Back

April 15th of the following year.