Term
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Definition
| Gross Income is all world-wide income from whatever source derived, unless specifically excluded from taxation by law. It includes income from money, property or services. |
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Term
| Give examples of Earned Income. |
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Definition
| Wages - Commissions - Tips - Farming - Business |
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Term
| Are disability retirement benefits considered earned income? Yes or No |
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Definition
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Term
| Is military disability pension considered earned income? |
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Definition
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Term
| Examples of Unearned Income are... |
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Definition
| Interest, dividends, rents, royalties from owning property - pensions - alimony - unemployment compensation - income that is not from performing services |
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Term
| Which one of these types of income is excluded from Gross Income? Federal income tax refund or income from life insurance |
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Definition
| Federal income tax refund |
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Term
| Name the five basic individual tax forms. |
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Definition
| Form 1040EZ - Form 1040A - Form 1040 - Form 1040NR - Form 1040PR |
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Term
| Bubba Taxpayer has no dependents. Can he file his tax return on Form 1040EZ? |
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Definition
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Term
| Honey Taxpayer needs to itemize this year. Can she file her tax return on Form 1040A? |
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Definition
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Term
| If the taxpayer's AGI (Adjusted Gross Income) is $35,751.89, the amount the tax preparer would enter is $35,751. Yes or No |
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Definition
| No. It would be entered as $35,752. |
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Term
| Mr. Pizzaman fed his employees while they worked an extra shift once a month. Since the employees didn't have to pay for their lunch on those days, do they have to include this as Wages on their tax form? Yes or No |
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Definition
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Term
| Name the form the employer gives to the employee as a statement of his or her wages and taxes. |
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Definition
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Term
| In the State of GA, is a taxpayer required to attach a copy of Form W-2 to his or her state tax return? |
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Definition
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Term
| If Bubba Taxpayer leaves Company A on January 31 and works the remaining 11 months for Company B, he will only get a W-2 from Company B. Yes or No |
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Definition
| No. He should get one from each company he worked for during the tax year being reported. |
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Term
| If box 12a on Form W-2 has the code D in it, what does that represent? |
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Definition
| It indicates the taxpayer has an active 401K. |
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