Duplicate of Taxes | Baamboozle - Baamboozle | The Most Fun Classroom Games!

Which is TRUE if you do not pay your taxes?

Your credit score may be impacted

You owe twice as much the following year

You're more likely to be approved for low interst loans

You cannot go to jail (but you will be heavily fined)

If you owe taxes, which of the following is FALSE?

You can make a payment with a debit, but not credit card

You can make a payment using cash

You can delay your payment deadline

With an agreement, you can pay it in installments

Earned income is any money you make from things like interest and dividends.

False

True

Luisa earned $1,200 at her part-time job, and $500 from babysitting in cash. Which is TRUE?

She will report her total income as $1,700.

She will report her total income as $1,200.

She will report her total income as $500.

Luisa is required to file a tax return.

If a teen files a tax return, can the parent still claim him/her as a dependent?

Yes, as long as the teen meets the dependency requirements

Yes. All teens are dependents until they are 18 years old

No. If a teen files a tax return, he/she cannot be claimed

Yes, but the parent has to add the teen's income to theirs

True or False: A teen's earned income can be reported on a parent's tax return.

False

True

Which of the following is NOT a way you can file your taxes?

Through your employer's HR department

Through a tax professional

Mailing in a paper tax return to the Federal government

Using tax software like TurboTax

What do you need to file your 1040 form?

Your W-2

Your W-4

Your prior year's tax return

Income of $50,000 or more

Jason is 15 and earned $1450 at his job last summer. Should he file a tax return?

Yes, because he may get a refund.

No, because he didn't earn enough.

No, because you have to be 16 and older to file taxes.

Yes. You must file taxes even if you didn't earn enough.

Each of the following things is true about the W-2 form EXCEPT...

You get 1 W-2 form every year, even if you had multiple jobs

It contains information you'll need to fill out a 1040

It lets you know how much you earned last year

It lets you know how much was withheld from your paychecks

True or False: All wages, tips, and bonuses are taxable unless specifically excluded.

True

False

Jason filed his tax return and owes money. If he doesn't want to pay a fee, when should he pay this amount by?

April 15th

October 15th

December 31st

January 1st of the next year

By claiming "exempt" on the W-4 form...

You are saying that you do NOT meet the minimum income requirements to file

You are paying all income taxes upfront at the START of the year.

You are asking for a one year exemption from paying taxes

You are paying all income taxes at the END of the calendar year.

What item would you DEFINITELY see on a paystub?

Gross Pay

Retirement

Healthcare

Your occupation/role

Jess is 21, in college, & has a job that provides 65% of her support. Is she a dependent?

No

Yes

The W-4 form lets...

your employer know how much to withhold from your paycheck

the government know how much you paid in taxes last year

the 3 major credit bureaus know how many dependents you have

you know how much you paid in taxes last year

Which of the following taxes is applied to wages, salaries, dividends, and interest earned?

Income Tax

Corporate Income Tax

Estate Tax

Excise Tax

Which of the following is NOT a category in the Federal government's spending?

Interest on loans issued

Mandatory spending

Discretionary spending

Interest on national debt

Our tax money is spent on all of the following EXCEPT:

Private School Education

Social Security

The Military

National Parks

Who primarily uses our tax money?

Federal and state government

Your employer

Large corporations

Local businesses