Paying your taxes
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
|---|---|---|---|---|---|
| Federal Income Tax | The federal government charges income tax on all its residents. In this tax system, you are taxed on the money you earn while working.
🗑
|
||||
| 1040EZ | The quick tax form most often used for those with uncomplicated tax situations.
🗑
|
||||
| Property Tax | taxes an owner pays on the value of any owned property, including land, buildings, or houses.
🗑
|
||||
| State Income Tax | Most states charge income tax on all its residents. In this tax system, you are taxed on the money you earn while working.
🗑
|
||||
| Capital Gains Tax | a tax charged on the profits made on the sale of something that was purchased at a lower price
🗑
|
||||
| 1099INT | Report on interest income sent from the bank to both the IRS and the taxpayer for savings account interest.
🗑
|
||||
| FICA | The Federal Insurance Contributions Act, the name given to Social Security and Medicare taxes. The employee pays some of the FICA tax, and the employer pays some of this tax for each employee.
🗑
|
||||
| Standard Deduction | The deduction allowed for those not claimed as a dependent on a parent’s taxes.
🗑
|
||||
| Tax Deduction | A donation or expense that reduces the taxable income amount.
🗑
|
||||
| Tax Refund | A check returning the taxpayer’s money to the taxpayer after returns are filed and the overpaid tax is determined.
🗑
|
||||
| W2 | Report sent from the employer to both the IRS and the employee showing gross income, total taxes paid, and total voluntary deductions.
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
fcatrone93
Popular Finance sets