DEI NBA Old Man

What is filing status?

• order of filing

• the rate at which income is taxed

• classification for income

• percentage of completion of taxes

What is the purpose of a tax return?

• To report your income, expenses, and other pertinent information

• To calculate the amount of tax you owe

• To request a refund for overpaid taxes

• All of the above

What is a tax deduction?

• An amount that is subtracted from your taxable income

• An amount that is added to your taxable income

• An amount that is exempt from tax

• An amount that is taxed at a higher rate

What is your income tax filing status if you are single and living alone without any dependents?

• Single

• Married Filing Jointly

• Married Filing Separately

• Independent

How old must a person, not in education, be to need to file their own taxes?

What is a dependant?

• loser

• Someone who can't live independently

• A person who relies on the taxpayer for financial support

• Someone whose income is supported

What is 1099?

• just a number

• a form to report non-employed income

• the year before 1100

• form to report employed income

What is W2?

• tax form that reports income of two people

• World War 2

• W1 but better

• Tax form that shows income from your employer, taxes withheld, benefits, etc.

How much do you think it costs taxpayers for each $100 collected by the IRS?

• 4.20 dollars

• 41 cents

• 1 dollar

• 25 cents

What is the average national salary/income?

• 59,000

• 61,000

• 72,000

• 49,000