Taxes

______ is an amount of money that a government requires people to pay according to their income and the value of their homes.

• Rent

• Taxes

• Retirement

• After Tax Income

Tax money is used for government spending.

• True

• False

Earned Income is money you earn from working.

• True

• False

Match the following

• 1099

• form that calculated the total taxable income of the taxpayer and determines how much is to be paid or refunded by the government

• W-4

• used to report wages paid to employees and the taxes withheld from them

• I-9

• completed by an employee to tell the employer the correct amount of federal tax to withhold from an employee's paycheck

• W-2

• used to prepare and file an information return to report various types of income other than wages, salaries, and tips

• 1040

• used to verify the identity and legal authorization to work of all paid employees in the U.S.

Money you earn but you didn't have to work for it is considered.....

• Income

• Earned Income

• Tax Refund

• Unearned Income

______ are specific types of expenses the taxpayer incurred that may reduce taxable income.

• Unearned Income

• Itemized deductions

• Itemized additions

• Earned Income

Who can be considered as a dependent? (select all that apply)

• A child you adopted

• Your children

• Your younger cousin

• An uncle living under your care

What day is Tax day this year?

• April 15th

• April 18th

• April 20th

• April 1st

Your tax return has to be filed by the annual tax day. You can not apply for an extension.

• True

• False

What are examples of Itemized Deductions?

• Unemployment Expenses

• Retirement Contributions

• Home Mortgage Interest

• Charitable Donations