April 15, 2024
Tax Day
Test your knowledge about everyone's least favorte day of the year!
Test your knowledge about everyone's least favorte day of the year!
WEBVTT
1
00:00:03.160 --> 00:00:11.359
Calaocus Shark Media. Hello, financial
whizzes and trivia enthusiasts. This is Journey
2
00:00:11.439 --> 00:00:16.480
Joe Mitchell and welcome to a special
tax Day edition of five daily trivia questions.
3
00:00:17.199 --> 00:00:22.160
Today we're exploring the history, facts
and quirks surrounding April fifteenth, the
4
00:00:22.160 --> 00:00:27.120
deadline for filing federal income tax returns
in the United States. So sharpen your
5
00:00:27.120 --> 00:00:30.839
pencils, fire up your calculators,
and get ready to test your knowledge of
6
00:00:30.839 --> 00:00:36.200
this annual financial ritual. Question one, in what year did the United States
7
00:00:36.200 --> 00:00:43.439
first introduce a federal income tax?
Question two? The IRS tax code is
8
00:00:43.520 --> 00:00:48.280
known for its complexity. Approximately how
many pages long is the current US tax
9
00:00:48.320 --> 00:00:56.920
code? Question three? What famous
American inventor and statesman advocated for the implementation
10
00:00:57.000 --> 00:01:04.200
of an income tax? Question four? Which US state has the highest average
11
00:01:04.200 --> 00:01:14.079
federal income tax payment per capita?
Question five? In nineteen fifty four,
12
00:01:14.519 --> 00:01:19.200
the IRS created a special form for
taxpayers with simple tax situations. What is
13
00:01:19.239 --> 00:01:26.519
the name of this form? Take
a moment to ponder these questions, and
14
00:01:26.599 --> 00:01:30.719
I'll be back with the answers and
some fascinating fun facts that will make you
15
00:01:30.799 --> 00:01:38.599
the star of any tax Day trivia
party. Welcome back Tax Trivia Titans.
16
00:01:38.879 --> 00:01:42.000
Let's uncover the answers to our Tax
Day questions and delve into some intriguing facts
17
00:01:42.000 --> 00:01:48.040
about this annual financial event. Question
one asked in what year did the United
18
00:01:48.040 --> 00:01:53.920
States first introduce a federal income tax? Answer eighteen sixty one. Fun fact,
19
00:01:53.359 --> 00:01:57.040
the first federal income tax was introduced
during the Civil War to help fund
20
00:01:57.120 --> 00:02:01.680
the Union's war efforts. This tax
was repealed in eighteen seventy two, and
21
00:02:01.719 --> 00:02:07.439
it wasn't until the ratification of the
Sixteenth Amendment in nineteen thirteen that the federal
22
00:02:07.480 --> 00:02:12.759
income tax became a permanent fixture in
the US tax system. Question two asked
23
00:02:13.199 --> 00:02:17.800
the IRS tax code is known for
its complexity. Approximately how many pages long
24
00:02:17.919 --> 00:02:24.240
is the current US tax code?
Answer over seventy thousand pages. The US
25
00:02:24.319 --> 00:02:29.560
tax code has grown significantly over the
years, with the number of pages increasing
26
00:02:29.599 --> 00:02:35.360
from around four hundred and nineteen thirteen
to over seventy thousand today. This complexity
27
00:02:35.400 --> 00:02:38.879
has led to calls for tax simplification
and reform from various groups and individuals.
28
00:02:39.360 --> 00:02:46.199
Question three asked what famous American inventor
and statesman advocated for the implementation of an
29
00:02:46.240 --> 00:02:53.000
income tax. Answer Benjamin Franklin.
In a seventeen sixty eight letter to the
30
00:02:53.039 --> 00:02:57.960
London Chronicle, Benjamin Franklin wrote,
nothing is certain except death and taxes.
31
00:02:58.800 --> 00:03:01.520
This quote has become one of the
most famous sayings about taxes in the English
32
00:03:01.599 --> 00:03:08.159
language, highlighting the inevitability of taxation
in modern society. Question four asked which
33
00:03:08.360 --> 00:03:15.439
US state has the highest average federal
income tax payment per capita? Answer Connecticut.
34
00:03:15.960 --> 00:03:20.240
According to recent data from the IRS, Connecticut residents pay an average of
35
00:03:20.280 --> 00:03:25.000
over ten thousand dollars per capita and
federal income taxes the highest among all US
36
00:03:25.080 --> 00:03:30.400
states. This is largely due to
the state's high median income and concentration of
37
00:03:30.479 --> 00:03:36.840
high earning individuals. Question five asked
In nineteen fifty four, the IRS created
38
00:03:36.840 --> 00:03:39.879
a special form for taxpayers with simple
tax situations. What is the name of
39
00:03:39.919 --> 00:03:46.159
this form? Answer? Form ten
forty EZ. Fun Fact Form ten forty
40
00:03:46.240 --> 00:03:53.159
EZ was introduced to simplify the tax
filing process for individuals with straightforward tax situations.
41
00:03:53.639 --> 00:03:57.800
To be eligible to use this form, taxpayers must meet certain criteria,
42
00:03:58.120 --> 00:04:02.360
such as having taxable income below specific
threshold and claiming no dependence. As you
43
00:04:02.479 --> 00:04:06.800
navigate the complexities of the US tax
system, remember that you're not alone,
1
00:00:03.160 --> 00:00:11.359
Calaocus Shark Media. Hello, financial
whizzes and trivia enthusiasts. This is Journey
2
00:00:11.439 --> 00:00:16.480
Joe Mitchell and welcome to a special
tax Day edition of five daily trivia questions.
3
00:00:17.199 --> 00:00:22.160
Today we're exploring the history, facts
and quirks surrounding April fifteenth, the
4
00:00:22.160 --> 00:00:27.120
deadline for filing federal income tax returns
in the United States. So sharpen your
5
00:00:27.120 --> 00:00:30.839
pencils, fire up your calculators,
and get ready to test your knowledge of
6
00:00:30.839 --> 00:00:36.200
this annual financial ritual. Question one, in what year did the United States
7
00:00:36.200 --> 00:00:43.439
first introduce a federal income tax?
Question two? The IRS tax code is
8
00:00:43.520 --> 00:00:48.280
known for its complexity. Approximately how
many pages long is the current US tax
9
00:00:48.320 --> 00:00:56.920
code? Question three? What famous
American inventor and statesman advocated for the implementation
10
00:00:57.000 --> 00:01:04.200
of an income tax? Question four? Which US state has the highest average
11
00:01:04.200 --> 00:01:14.079
federal income tax payment per capita?
Question five? In nineteen fifty four,
12
00:01:14.519 --> 00:01:19.200
the IRS created a special form for
taxpayers with simple tax situations. What is
13
00:01:19.239 --> 00:01:26.519
the name of this form? Take
a moment to ponder these questions, and
14
00:01:26.599 --> 00:01:30.719
I'll be back with the answers and
some fascinating fun facts that will make you
15
00:01:30.799 --> 00:01:38.599
the star of any tax Day trivia
party. Welcome back Tax Trivia Titans.
16
00:01:38.879 --> 00:01:42.000
Let's uncover the answers to our Tax
Day questions and delve into some intriguing facts
17
00:01:42.000 --> 00:01:48.040
about this annual financial event. Question
one asked in what year did the United
18
00:01:48.040 --> 00:01:53.920
States first introduce a federal income tax? Answer eighteen sixty one. Fun fact,
19
00:01:53.359 --> 00:01:57.040
the first federal income tax was introduced
during the Civil War to help fund
20
00:01:57.120 --> 00:02:01.680
the Union's war efforts. This tax
was repealed in eighteen seventy two, and
21
00:02:01.719 --> 00:02:07.439
it wasn't until the ratification of the
Sixteenth Amendment in nineteen thirteen that the federal
22
00:02:07.480 --> 00:02:12.759
income tax became a permanent fixture in
the US tax system. Question two asked
23
00:02:13.199 --> 00:02:17.800
the IRS tax code is known for
its complexity. Approximately how many pages long
24
00:02:17.919 --> 00:02:24.240
is the current US tax code?
Answer over seventy thousand pages. The US
25
00:02:24.319 --> 00:02:29.560
tax code has grown significantly over the
years, with the number of pages increasing
26
00:02:29.599 --> 00:02:35.360
from around four hundred and nineteen thirteen
to over seventy thousand today. This complexity
27
00:02:35.400 --> 00:02:38.879
has led to calls for tax simplification
and reform from various groups and individuals.
28
00:02:39.360 --> 00:02:46.199
Question three asked what famous American inventor
and statesman advocated for the implementation of an
29
00:02:46.240 --> 00:02:53.000
income tax. Answer Benjamin Franklin.
In a seventeen sixty eight letter to the
30
00:02:53.039 --> 00:02:57.960
London Chronicle, Benjamin Franklin wrote,
nothing is certain except death and taxes.
31
00:02:58.800 --> 00:03:01.520
This quote has become one of the
most famous sayings about taxes in the English
32
00:03:01.599 --> 00:03:08.159
language, highlighting the inevitability of taxation
in modern society. Question four asked which
33
00:03:08.360 --> 00:03:15.439
US state has the highest average federal
income tax payment per capita? Answer Connecticut.
34
00:03:15.960 --> 00:03:20.240
According to recent data from the IRS, Connecticut residents pay an average of
35
00:03:20.280 --> 00:03:25.000
over ten thousand dollars per capita and
federal income taxes the highest among all US
36
00:03:25.080 --> 00:03:30.400
states. This is largely due to
the state's high median income and concentration of
37
00:03:30.479 --> 00:03:36.840
high earning individuals. Question five asked
In nineteen fifty four, the IRS created
38
00:03:36.840 --> 00:03:39.879
a special form for taxpayers with simple
tax situations. What is the name of
39
00:03:39.919 --> 00:03:46.159
this form? Answer? Form ten
forty EZ. Fun Fact Form ten forty
40
00:03:46.240 --> 00:03:53.159
EZ was introduced to simplify the tax
filing process for individuals with straightforward tax situations.
41
00:03:53.639 --> 00:03:57.800
To be eligible to use this form, taxpayers must meet certain criteria,
42
00:03:58.120 --> 00:04:02.360
such as having taxable income below specific
threshold and claiming no dependence. As you
43
00:04:02.479 --> 00:04:06.800
navigate the complexities of the US tax
system, remember that you're not alone,
