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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

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


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…. pay more taxes than people with low incomes.

  • Regressive



Excise taxes are
Excise taxes are … tobacco are…

  • Regressive


Federal taxes provide funds for
Federal taxes provide funds for… tobacco are…

  • Congress

  • National defense

  • Highways

  • Wildlife refuges

  • Welfare

  • Foreign aid




How does a revenue bill become a law
How does a revenue bill become a law? are….

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



What are the main functions of the irs
What are the main functions of the IRS? congress.

  • Collect Income taxes

  • Enforce tax laws



Money received from working
Money received from working… congress.

  • Earned income


What is a tax bracket
What is a tax bracket? congress.

  • Ranges of income




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


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… returns of their own accord without force is referred to as…

  • Internal Revenue Service


Who pays taxes
Who pays taxes? returns of their own accord without force is referred to as…

  • Businesses

  • Individuals


Sales tax is an example of this kind of tax
Sales tax is an example of this kind of tax… returns of their own accord without force is referred to as…

  • 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… half of their living expenses….

  • Evasion


Property tax is an example of this kind of tax
Property tax is an example of this kind of tax…. half of their living expenses….

  • Proportional/flat


The punishment for not paying taxes is
The punishment for not paying taxes is.. half of their living expenses….

  • Fine

  • Imprisonment

  • both





Our tax system is graduated what does this mean
Our tax system is graduated. What does this mean? deductions?

  • Tax rates increase as taxable income increases



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


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



Give an example of filing status
Give an example of filing status… the tax year…

  • 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? the tax year…

  • 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



What kind of information is on the w 2
What kind of information is on the for your…..W-2?

  • Salaries

  • Wages

  • Tips

  • Taxes withheld



An example of earned income is
An example of earned income is… for your…..

  • Wages

  • Salary

  • Tips


An example of unearned income is
An example of unearned income is… for your…..

  • 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… for your…..

  • Non-taxable income

    • Child support

    • Gifts

    • Inheritances

    • Life Insurance benefits

    • Veterans benefits


All taxable income received
All taxable income received… for your…..

  • 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



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….. determine your taxable income are…

  • Standard deduction



Income on which you pay tax
Income on which you pay tax… is…

  • Taxable income


Amount subtracted directly from the tax owed
Amount subtracted is… directly from the tax owed…

  • Tax credit




Local taxes provide funds for
Local taxes provide funds for… related documents?

  • Education

  • Parks

  • Roads

  • Police, fire, health departments


Study
Study!!!!!! related documents?


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