Beginning Federal Income Taxes

Front

What are the three main types of filing status on a tax return?

Back

Single, Married Filing Joint, Head of Household.

Front

What is the social security income limit for tax purposes?

Back

$147,000.

Front

By what date must employers mail Wages and Tax Statements to employees?

Back

January 31.

Front

Which state is NOT a no state income tax state?

Back

California.

Front

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

Back

Married Filing Jointly.

Front

What is the purpose of filing status on a tax return?

Back

It determines the tax rates and eligibility for certain deductions and credits.

Front

What is the difference between standard deductions and itemized deductions?

Back

Standard deductions are a fixed dollar amount that reduces taxable income, while itemized deductions are specific expenses that can be deducted.

Front

What is the significance of the W-2 form?

Back

It reports an employee's annual wages and the amount of taxes withheld from their paycheck.

Front

What is the tax filing deadline for individuals?

Back

April 15.

Front

What is a dependent in tax terms?

Back

A dependent is a person who relies on the taxpayer for financial support and can be claimed on the taxpayer's tax return.