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MONEY & ME TRIVIA: Credits and Taxes
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What does IRS stand for?
Internal Revenue Service
What is collateral?
Something you offer to secure a loan.
What constitutes default on a loan?
Default happens when you are unable to pay the loan back.
What is the difference between a secured and non-secured loan?
A secured loan requires collateral, non-secured doesn't.
Give example of liability.
mortgage, loan, account payable
Give an example of assets.
cash, equipment, furniture, tools, buildings
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).
What is revenue?
Similar to income, money earned on regular basis.
What is income?
Money, received on a regular basis.
What is an equity?
Something that you own, that belongs to you.
What is a liability?
An obligation, something that you owe to somebody, and have to pay.
What is an asset?
Something that can produce economic value or benefit.
What is the difference between child tax credit, and an additional child tax credit?
Child tax credit: is non-refundable, reduces your liability, but not below 0. Additional: is refundable, and can result in a refund check.
What does EIC stand for?
Earned Income Credit
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.
What's the difference between refundable and non-refundable credit?
Non-refundable reduces your tax bill, but doesn't result in refund (check). Refundable results in refund, even if you don't owe any money.
What is the difference between refundable and non-refundable credit?
Non-refundable credit reduces your tax bill, but dpesmRefundable credit can give you
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..
At 2020, Mary worked at a bank. Her tax liability is $1500. Her employer withheld from her paycheck $1000 of Federal tax liability. What her final tax bill?
She still owes to the Federal government $500.
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.
What is a final tax bill?
Amount, owed to the government after all payments, and/or credits were applied to tax liability.
What is a tax liability?
Amount of tax, an American tax payer pays to the American government.
What is the difference between adjustments and credits?
Adjustments to income influence final tax bill indirectly, credits reduce tax bill directly, dollar for dollar.
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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