Tax Review

What do you need to file your 1040 or 1040EZ form?

• Your W-2

• Your W-4

• Your prior year's tax return

• Social Security Number

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

• Through a tax professional

• Mailing in a paper tax return to the Federal government

• Using tax software like TurboTax

• Through your employer's HR department

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

• 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, as long as the teen meets the dependency requirements

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

A tax on IMPORTED goods is called a __________.

• Excise Tax

• Tariff

• Income Tax

• Social Securtiy

Which of the following is a way the state receives money?

• Georgia income tax

• library fines

• independent donations

• from other countries

Which specific tax is considered an excise tax?

• tax on income

• tax on lottery funds

• tax on gasoline

• tax on motor vehicle licenses

Which of the following is a primary source of revenue for local governments?

• Property taxes

• Sales taxes

• Income taxes

• Corporate taxes

What type of tax is levied on goods and services at each stage of production?

• Income tax

• Value-added tax (VAT)

• Property tax

• Excise tax

Which tax is typically used to fund public schools?

• Sales tax

• Property tax

• Income tax

• Luxury tax

What is the main purpose of a progressive tax system?

• To increase government revenue

• To reduce income inequality

• To encourage savings

• To promote business investment