DEI Old Man Never Broke Again

How old must a person, not in education, be to need to file their own taxes?

19

How much do you think it costs taxpayers for each $100 collected by the IRS?

41 cents

What is the average national salary/income?

$59,000

The error rate for a paper return is 21 percent; what do you think the error rate is for an e-file return?

0.5%

Which of the following interest rates would be most attractive if you were shopping for a credit card?

1%

What is a dependant?

A person who relies on the taxpayer for financial support

Which statement best describes purchases made with a credit card?

Purchases made with this card can be paid over time.

Mr. Anderson wants to buy a new living room set, but he does not have enough money in his bank account to pay for one. Is Credit or Debit card better in this situation?

Credit

Debit cards can affect your credit score? True or False

False

When I use my credit card the amount used come directly out of my bank account. True or False.

False

What is 1099

a form to report non-employed income

A measure of your money you might want to go over with your financial advisor is EBIT: earnings before ______ and taxes.

Interest

In accounting, the term "ROI" is often used to describe the financial performance of an asset. ROI stands for "return on" WHAT?

Investment

What is your income tax filing status if you are single and living alone without any dependents?

Single

What is W2

Tax form that shows income from your employer, taxes withheld, benefits, etc.

What is filing status?

The filing status determines the rate at which income is taxed.

Tax brackets are components of _______ income tax system.

progressive

A _____ is a range of incomes taxed at a specific rate.

tax bracket