Income tax Flashcards
Do you have to contribute to the Presidential Reelection campaign when you file your return?
No, it’s optional
In most cases, do your tax returns have to be filed by April 15th of every year?
Yes
Are tips included as income on line 1 of your 1040 form?
Yes
Is it true that if you do not sign your tax returns that the IRS will just send your refund anyway?
No
___ ___ is when your refund money is sent directly to your bank account. You do not receive a check. This allows you to receive your money in 2 weeks instead of 6-8 weeks.
Direct deposit
The amount of income that you have to pay on your taxes is known as your ___ ___
taxable income
The form that YOU would use to complete your Georgia Income Tax Return is known as the ___ ___
1040 form
A tax form prepared by the employer and sent to an employee that shows the earnings, tax withholdings, Social Security withholdings and Medicare withholdings is a ___ ___
W-2 Form
In what number box would you find wages, tips, and other on your W-2 form?
Box 1
In what number box would you find Federal Income Tax Withheld on your W-2 form?
Box 2
Annual tax paid to the Federal government and most states, including Georgia, on the amount of money that you make every year is known as ___
federal income tax
Th federal agency that is responsible for administering and enforcing the tax laws is the ___
IRS
Purposefully avoiding paying taxes to the IRS
Tax evasion
Where does the majority of the president’s discretionary spending go?
the national defense
Where does the majority of the president’s mandatory spending go?
Social security and Medicare
