Taxes S1 2021

One of the forms you fill out every time you start a new job, or to change your tax status

• I-9

• 1040

• W4

• W2

If you file taxes and learn that you OWE money to the IRS, what is the most reasonable explanation as to WHY?

• You withheld TOO MUCH in taxes from your paychecks (underpaid)

• You withheld TOO LITTLE in taxes from your paychecks (overpaid)

• You are not claiming enough tax credits and deductions

• Your marginal tax rate has probably increased

The Federal government spends the most amount of tax money on...

• Science

• Veterans

• Education

• Health

Which of these things will reduce your tax liability DOLLAR FOR DOLLAR?

• Tax deduction

• Tax credit

• Tax bracket

• Standard deduction

The most common tax deduction is...

• Standard Deduction

• Child Tax Deduction

• Mortgage interest Deduction

• Itemized deduction

All of the following are factors that impact the amount someone may pay in taxes EXCEPT...

• Income

• Political party

• State

• Marital Status

Which of the following is the largest source of income for the Federal government?

• Payroll Tax

• Corporate Tax

• Property Tax

• Income Tax

All of these people will recieve a W2, EXECPT...? (hint: more than 1 answer)

• Independent contractors

• Teachers

• Instagram Influencers

• Part-time retail workers

The form that is sent to you by your employer no later than January 31 is the...

• Wages and Earnings Statement

• Individual Tax Return

• Employee Withholding Certificate

• Dividends and earnings statement

Who is LEGALLY required to file a tax return?

• Michael, who earned $350 as an Uber driver

• Jim, who earned $800 from investments

• Darryl, who earned $5,000 from his part time job

• Pam, who earned $14,000 from her Etsy store