Chapter 7 review
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Chapter 7 Review. pp.137-156. Money paid to a former spouse for support of dependent children is called…. Child support. A tax theory that states individuals with high income should pay more taxes than people with low incomes. The ability to pay. Almost all consumption taxes are….

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Chapter 7 Review

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Chapter 7 review

Chapter 7 Review

pp.137-156


Money paid to a former spouse for support of dependent children is called

Money paid to a former spouse for support of dependent children is called…

  • Child support


Chapter 7 review

A tax theory that states individuals with high income should pay more taxes than people with low incomes.

  • The ability to pay


Almost all consumption taxes are

Almost all consumption taxes are….

  • Regressive


Sales taxes imposed on specific goods and services such as tobacco are

Sales taxes imposed on specific goods and services such as tobacco are…

  • Excise taxes


Excise taxes are

Excise taxes are …

  • Regressive


Federal taxes provide funds for

Federal taxes provide funds for…

  • Congress

  • National defense

  • Highways

  • Wildlife refuges

  • Welfare

  • Foreign aid


Taxes for which the rate stays the same regardless of income are

Taxes for which the rate stays the same regardless of income are….

  • Proportional Taxes


Federal income tax is an example of

Federal Income tax is an example of …

  • Progressive tax


How does a revenue bill become a law

How does a revenue bill become a law?

  • It must pass a vote in both the House and Senate and then be signed by the President.


The government spends according to priorities set by congress

The government spends_______ according to priorities set by congress.

  • revenue


What are the main functions of the irs

What are the main functions of the IRS?

  • Collect Income taxes

  • Enforce tax laws


Who has the power to levy taxes

Who has the power to levy taxes?

  • Congress


Money received from working

Money received from working…

  • Earned income


What is a tax bracket

What is a tax bracket?

  • Ranges of income


When the government spends more than it receives in revenue it has a

When the government spends more than it receives in revenue it has a…

  • Deficit/shortage


Another name for proportional taxes are

Another name for proportional taxes are…

  • Flat taxes


These types of taxes take a smaller portion of your income as your income grows

These types of taxes take a smaller portion of your income as your income grows…

  • Regressive taxes


Chapter 7 review

The idea that citizens are expected to prepare and file tax returns of their own accord without force is referred to as…

  • Voluntary Compliance


Irs stands for

IRS stands for…

  • Internal Revenue Service


Who pays taxes

Who pays taxes?

  • Businesses

  • Individuals


Sales tax is an example of this kind of tax

Sales tax is an example of this kind of tax…

  • Regressive


A person who lives with you and for whom you pay more than half of their living expenses

A person who lives with you and for whom you pay more than half of their living expenses….

  • dependent


Willful failure to pay taxes is called

Willful failure to pay taxes is called…

  • Evasion


Property tax is an example of this kind of tax

Property tax is an example of this kind of tax….

  • Proportional/flat


The punishment for not paying taxes is

The punishment for not paying taxes is..

  • Fine

  • Imprisonment

  • both


These types of taxes take a larger portion of your income as your incomes grows

These types of taxes take a larger portion of your income as your incomes grows.

  • Progressive taxes


An examination of your tax returns by the irs is an

An examination of your tax returns by the IRS is an…

  • Audit


Which tax form must you fill out if you want to itemize deductions

Which tax form must you fill out if you want to itemize deductions?

  • 1040A


Our tax system is graduated what does this mean

Our tax system is graduated. What does this mean?

  • Tax rates increase as taxable income increases


Money paid to a former spouse is called

Money paid to a former spouse is called…

  • alimony


Chapter 7 review

In this type of audit the taxpayer sits down with the auditor to answer questions and produce records.

  • Office


You are allowed to subtract some types of spending from your gross income to determine your

You are allowed to subtract some types of spending from your gross income to determine your…

  • Adjusted gross income


Chapter 7 review

In this type of audit the IRS sends a letter, asking the taxpayer to respond to specific questions or produce evidence of deductions or other entries on the tax return.

  • Correspondence


In this type of audit the irs agent visits the taxpayers home or business to examine records

In this type of audit, the IRS agent visits the taxpayers home or business to examine records.

  • Field


This is based on your marital status as of the last day of the tax year

This is based on your marital status as of the last day of the tax year…

  • Filing status


Give an example of filing status

Give an example of filing status…

  • Single

  • Married filing a joint return

  • Married filing a separate return

  • Head of Household

  • Qualifying widow


Where do w 2 s come from

Where do W-2’s come from?

  • Each employer you had for the year


The amount of money you may subtract from your income for each person who depends on your income

The amount of money you may subtract from your income for each person who depends on your income.

  • Exemption


If you are filing a joint return you can take an exemption for your

If you are filing a joint return you can take an exemption for your…..

  • spouse


What kind of information is on the w 2

What kind of information is on the W-2?

  • Salaries

  • Wages

  • Tips

  • Taxes withheld


Most new tax payers use one of two forms what are they

Most new tax payers use one of two forms, what are they?

  • 1040EZ

  • 1040A


An example of earned income is

An example of earned income is…

  • Wages

  • Salary

  • Tips


An example of unearned income is

An example of unearned income is…

  • Interest

  • Dividends

  • Alimony

  • Unemployment

  • Workers compensations

  • Scholarships

  • Grants


Give an example of income that is not taxable

Give an example of income that is not taxable…

  • Non-taxable income

    • Child support

    • Gifts

    • Inheritances

    • Life Insurance benefits

    • Veterans benefits


All taxable income received

All taxable income received…

  • Gross Income


What is the difference between a tax credit and a tax deduction

What is the difference between a tax credit and a tax deduction?

  • Tax deduction is subtracted from adjusted gross income

  • Tax credit is subtracted from what you owe


Money you received from a passive activity

Money you received from a passive activity…

  • Unearned income


Expenses you can subtract from adjusted gross income to determine your taxable income are

Expenses you can subtract from adjusted gross income to determine your taxable income are…

  • Itemized deductions


Instead of itemizing your deductions you can take the

Instead of itemizing your deductions you can take the…..

  • Standard deduction


A stated amount you may subtract form adjusted gross income is

A stated amount you may subtract form adjusted gross income is…

  • Standard deduction


Income on which you pay tax

Income on which you pay tax…

  • Taxable income


Amount subtracted directly from the tax owed

Amount subtracted directly from the tax owed…

  • Tax credit


When must you file your taxes by

When must you file your taxes by?

  • April 15


How long should you keep copies of your tax returns and related documents

How long should you keep copies of your tax returns and related documents?

  • 6 years


Local taxes provide funds for

Local taxes provide funds for…

  • Education

  • Parks

  • Roads

  • Police, fire, health departments


Study

Study!!!!!!


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