Upload
mitchell-gibson
View
226
Download
1
Tags:
Embed Size (px)
Citation preview
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 SpouseThe Person Who Prepared the Return
All of them
The income tax is an example of which type of tax:
ProgressiveProportionalRegressive
Excise
Progressive
Sales tax is an example of which type of tax?ProgressiveProportionalRegressive
Excise
Regressive
Property tax is an example of which type of tax?
ProgressiveProportionalRegressive
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
Definitions:
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!