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Accounting Jeopardy

Accounting Jeopardy. Ms. Naira TEST Review. This form reports the interest earned Either from savings, or CD accounts. Answer: 1099-int. This form must be received by January 31, It is needed in order to complete tax returns, This form reports all earnings and taxes that

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Accounting Jeopardy

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  1. Accounting Jeopardy Ms. Naira TEST Review

  2. This form reports the interest earned Either from savings, or CD accounts Answer: 1099-int

  3. This form must be received by January 31, It is needed in order to complete tax returns, This form reports all earnings and taxes that Have been withheld from a paycheck Answer: W-2

  4. This form is used by employers in order To calculate the correct amount Of federal income tax to withhold Answer: W-4

  5. 1040, 1040A and 1040EZ are called this Answer: Tax forms

  6. Total wages, salary and tips as well as taxes withheld for the year are found in this form Answer: W-2

  7. 1040EZ form can be used by single and Married couples that are filing jointly Answer: True

  8. Form 1040 should be used by individuals That itemize their expenses Answer: True

  9. Form 1040A can be used by Individuals that have dependants Answer: True, same for form 1040

  10. Forms 1040a is used by self employed individuals Answer: False. 1040 is correct answer

  11. The only tax form that does not allow Dependants to be claimed is form 1040 Answer: False. 1040EZ is correct answer

  12. This is the tax amount For Mr. Williams who is married but Filing separate and Has a taxable income of $25,000

  13. This is the tax amount For Mrs. Snyder who is married filing jointly and Has a taxable income of $55,060

  14. This is the tax amount For Ms. Martinez who is single and Has a taxable income of $37,060

  15. This is the tax amount For Ms. Brown who is head of household and Has a taxable income of $75,380

  16. This is when a person chooses NOT to pay their taxes even though he/she has the money to pay them Answer: Tax Evasion

  17. Pay less taxes: A)Low taxable income or B)High Taxable income Answer: A

  18. Provides Higher Tax Refund: Low Standard Deduction High Standard Deduction Answer: B

  19. Provides Higher Tax Refund A) Not itemizing deductions B) Itemizing deductions. Answer: B

  20. Provides Higher Tax Refund: Not Claiming Dependants Claiming Dependants Answer: B

  21. Form that provides opportunity for a bigger refund 1040 1040EZ Answer: 1040 (because we claim dependants and more tax credits are available)

  22. This is the number we would report in line 7 of tax form as wages, salaries and tips

  23. This is the amount of federal income tax withheld from our paycheck

  24. This is the amount of interest earned from savings account

  25. This is the amount reported on line 73 and 74a Answer: $2,400 ($3,400- $1,050)

  26. This is the maximum amount we can be refunded from our taxes

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