Mary has no tax liability for 2020. But she earned EIC of $500. What will happen with that credit?
Full amount of $500 EIC will be refunded to her by the IRS.
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15
What is collateral?
Something you offer to secure a loan.
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15
What is the difference between a secured and non-secured loan?
A secured loan requires collateral, non-secured doesn't.
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15
What is an asset?
Something that can produce economic value or benefit.
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thief
Give points!
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25
rocket
Go to first place!
Okay!
fairy
Take points!
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25
lifesaver
Give 20 points!
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15
What is the difference between earned income and investment income?
Earned income is something you work for. Investment income comes from sales of securities (stocks, bonds).
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15
What is a liability?
An obligation, something that you owe to somebody, and have to pay.
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15
What constitutes default on a loan?
Default happens when you are unable to pay the loan back.
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15
What is revenue?
Similar to income, money earned on regular basis.
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banana
Go to last place!
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shark
Other team loses 25 points!
Okay!
rocket
Go to first place!
Okay!
thief
Give points!
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25
heart
Other team wins 25 points!
Oops!
fairy
Take points!
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25
shark
Other team loses 25 points!
Okay!
thief
Give points!
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15
Scot is self-employed. In 2020, he made 4 estimated payments, $250 each. His tax liability came out to be $1500. What is his final tax bill?
He owes Federal government $500.
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15
In 2020 Bob worked two jobs: at ABC Co. & at XYZ Co. He got two W-2s. If his tax liability for 2020 is $500 and he has $200 dollars withheld from his wages at ABC, and $400 withheld at XYZ ,what is his final Tax bill?
He overpaid, and is entitled to a refund of $100.
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15
Give example of liability.
mortgage, loan, account payable
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15
What is income?
Money, received on a regular basis.
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15
What is the difference between tax liability and a final tax bill?
Final tax bill equals tax liability, minus any payments already made, or/and credit applied..
