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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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slide3
A tax theory that states individuals with high income should pay more taxes than people with low incomes.
  • The ability to pay
federal taxes provide funds for
Federal taxes provide funds for…
  • 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?
  • 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?
  • Collect Income taxes
  • Enforce tax laws
what is a tax bracket
What is a tax bracket?
  • 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
slide19
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
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
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
slide32
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
slide34

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…
  • 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
what kind of information is on the w 2
What kind of information is on the W-2?
  • Salaries
  • Wages
  • Tips
  • Taxes withheld
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
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
local taxes provide funds for
Local taxes provide funds for…
  • Education
  • Parks
  • Roads
  • Police, fire, health departments