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Twenty Questions Economics & Personal Finance UNIT TEST REVIEW: INCOME & TAXES.

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Presentation on theme: "Twenty Questions Economics & Personal Finance UNIT TEST REVIEW: INCOME & TAXES."— Presentation transcript:

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2 Twenty Questions Economics & Personal Finance UNIT TEST REVIEW: INCOME & TAXES

3 Twenty Questions 12345 678910 1112131415 1617181920

4 W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A Taxes that take a larger share of income as the amount of income grows. Ex. Income tax

5 Taxes that take a smaller share of income as the amount of income grows. Ex. sales tax W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

6 An amount you may subtract from your income for each person who depends on your income to live. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

7 Money, stock or other property that corporations pay to stockholders in return for their investment. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

8 Wages, salary, tips and “other compensation” all add up to this. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

9 Money paid to support a former spouse for the maintenance of a “personal lifestyle”. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

10 Expenses the law allows you to subtract from your adjusted gross income. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

11 To use this form you must have earned less than $1500 in taxable interest & have no dependents. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

12 You must use this form if you have earned less than $100,000, have dependents and do not plan to itemize. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

13 You must use this form if you plan to itemize and/or have earned over $100,000. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

14 Money paid to a former spouse for support of dependent children. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

15 Listing allowable expenses on your tax return. (as opposed to taking the standard deduction) W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

16 The stated amount that you may deduct from your gross income as opposed to itemizing. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

17 Examples are “single” and “head of household” W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

18 A form that reports income from dividends, interest, unemployment and/or social security W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

19 Gross Pay – Deductions= _________________ W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

20 The part of the national economy that is controlled by the government. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

21 A form of compensation which is derived from a percentage of sales. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

22 The part of the national economy that is not under direct government control. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

23 A form which reports income from wages, tips and/or salary. W-2 Exemptions Gross income Dividend income Deductions Form 1040EZ Form 1040 Progressive taxes 1099 Private sector Child support Itemizing Standard deduction Filing status Public Sector Net pay Commission Regressive taxes Alimony Form 1040A

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