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The “ability to ___ principle” is an accepted principle of tax fairness. Pay
_____ collected are used to provide education and public services. Taxes
You must use Form ____ if your taxable income exceeds $100,000. 1040A
In a graduated tax system, tax rates ______ as income increases. Increase
A person who lives with you and receives support from you is called a/an _________. Dependent
You must ____ a tax return to receive a refund of taxes withheld unnecessarily. File
To itemize deductions, you must use the Long Form ______. 1040 (Schedule A)
Each ________ claimed by a taxpayer reduces total tax liability. Exemption
Taxpayers should not itemize unless their deductions exceed the ______ deduction. Standard
Taxes based on the ability to pay is called __________. Progressive
______ taxes are based on a flat rate that does not change according to income level. Proportional
You can not itemize deductions on Form _____. 1040 EZ
Use of a tax ______ does not absolve one from an error on your tax return. Preparer
The sole function of the _____ is to collect income taxes and to enforce tax laws. Internal Revenue Service (IRS)
The power to levy taxes rests with ______. Congress
Worker’s compensation and unemployment compensation are _______. Taxable
Which of the following is not a taxable income: Wages, Tips, Salaries, Alimony, Child Support Child Support
By designating $3 to the Presidential Election Campaign Fund, you do not increase your ______. Liability
In the U.S., responsibility for paying income taxes rests with the ________. Individual
Tax ____ is a serious crime punishable by a fine or imprisonment or both. Evasion
If you have many deductions, it’s a good idea to ______ instead of taking the standard deduction. Itemize
The largest source of government income in the U.S. is _______ Income Taxes
Which of the following people must sign a tax return? The Tax Payer The Tax Payer’s Spouse The Person Who Prepared the Return All of them
The income tax is an example of which type of tax: Progressive Proportional Regressive Excise Progressive
Sales tax is an example of which type of tax? Progressive Proportional Regressive Excise Regressive
Property tax is an example of which type of tax? Progressive Proportional Regressive Excise Proportional
As taxable income increase, income tax rates _____. Decrease
The first income tax became necessary during what war? War of 1812
You must file your income tax returns no later than _____. April 15
An examination of tax returns by the IRS is called an ______. Audit
A person who can be claimed as an exemption by a tax payer. Dependent
A type of income that must be claimed on a Form 1040. Alimony
Taxes that increase in proportion to income Progressive
A type of income received that is not taxable. Child Support
Taxes for which the rate remains constant, regardless of the amount of income Proportional
Money collected by the government through taxes. Revenue
The type of tax that requires those who can least afford it to pay the most in proportion to their income. Regressive
Willful failure to file and pay taxes. Tax Evasion
An amount you may subtract from your income for each person who depends on your income to live. Exemption
A person who can be claimed as an exemption by a taxpayer Dependent
Income ranges where the more you make the higher the tax rate you pay Tax Brackets
To list allowable expenses on your tax returns. Itemize
Good Luck on Your Test!
Unit 2 Income Taxes.
Preparing Your Taxes #3.
The 1040 EZ. Read the Tax Process article In your notebook, design a graphic that represents the income tax process Share with a neighbor, then merge.
Copyright © 2014 McGraw-Hill Education. All rights reserved. No reproduction or distribution without the prior written consent of McGraw-Hill Education.
Chapter © 2010 South-Western, Cengage Learning Federal Income Tax Our Tax System Filing Tax Returns 7.
Business Math 2.3 Federal Income Taxes.
Money Management Federal Income Tax Chapter Seven Notes.
Federal Income Tax. Types of Taxes ___- a charge imposed by the government on people, entities, or on property in order to raise revenue. ___- a charge.
©The McGraw-Hill Companies, Inc. 2008McGraw-Hill/Irwin Chapter 1 Introduction to Taxation, the Income Tax Formula, and Form 1040EZ “Taxes, after all, are.
Chapter 01 Introduction to Taxation, the Income Tax Formula, and Form 1040EZ “Taxes, after all, are dues that we pay for the privileges of membership in.
Tax Preparation Financial Literacy.
Take Charge. Ability To Pay – a concept of tax fairness that people with different amounts of wealth or different amounts of income should pay taxes.
Taxes are expenses that you pay everyday that are used by the local, state and federal government to provide important services such as: police and.
16th Amendment to US Constitution The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment.
Raising Revenue AKA Fiscal Policies The federal government can’t develop and sustain its programs without revenue –The income the government collects from.
Understanding Paychecks, Benefits, Employee Taxes, and Tax Returns
“Taxes are what we pay for civilized society” Oliver Wendell Holmes Jr., 1904.
© South-Western Educational Publishing Chapter 7 Federal Income Tax Our Tax System Based on voluntary compliance Filing Tax Returns Must be done.
Managing Your Personal Finances
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