Tax Forms

Taxes

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• Sales Tax - a tax on things bought/services a person purchases.

• Property Tax - a tax on the value of a home, land or other item someone owns.

• Income Tax - a tax on the money a person makes.

GROSS V. NET PAY

• Gross Pay - Before taxes taken

• Net Pay - After taxes taken out

Multiple Choice

Our tax money is spent on all of the following EXCEPT:

• Social Security

• The Military

• Private School Education

• National Parks

Multiple Choice

Roads, police, schools, governmental agencies, fire and emergency services are all funded by taxes

• true

• false

Multiple Choice

IRS stands for

• Internal Revenge Service

• International Revenue System

• Internal Revenue Service

• Inspection Ravioli Sauce

Tax Forms + Vocab

• 1040EZ - No Dependents/100k<

• 1040A - Dependents/ 100<

• 1040 - 100k>

• Child Tax Credit - $ per child

• Earned Income Tax Credit - $ for low income

• Itemized Deductions - reduce tax bill

• Dependents - people you can claim

Multiple Choice

Which is the most complicated tax form?

• 1040

• 1040A

• 1040EZ

Multiple Select

Who primarily uses our tax money? (2 correct answers)

• Your employer

• The state government

• The Federal government

• Local Businesses

Multiple Choice

Total money you earn before taxes and other deductions.

• Salary

• Net income

• Gross income

• Wages

Multiple Select

The Earned Income Tax Credit reduces the amount of tax owed and may result in a refund

• True

• False