Chapter 7 tax review
34
Chapter 7 Tax Review Personal Finance
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Transcript of Chapter 7 tax review
- 1. Chapter 7 Tax Review
Personal Finance - 2. IRS stands for.
- 3. Internal Revenue Service
- 4. List the five classifications of filing status
- 5. SingleMarried filing jointlyMarried filing separatelyHead of
householdWidow(er) w/ dependent child
- 6. If you have more than $400 in interest or dividend income,
what schedule do you need to file with your 1040A or
1040?
- 7. Schedule 1
- 8. To itemize deductions, you will most likely need to file a
?????
- 9. 1040
- 10. Charitable contributions, medical expenses, dental
expenses, some moving expenses, real estate taxes, and home
mortgage interest are examples of _________ ________.
- 11. Itemized deductions
- 12. The most you can make and still file a 1040EZ is
___________.
- 13. $50,000
- 14. Taxes based on the ability to pay principle (people with
higher incomes pay more than those with lower income) are called
_________________.
- 15. Progressive
- 16. Sales tax is an example of a(n) ____________
tax.
- 17. Regressive Tax
- 18. The Social Security Act of 1935 created the IRS.
- 19. Congress has the power to levy taxes.
- 20. How many tax brackets does our income tax system have at
the present time?
- 21. FIVE (10% up to 35%)
- 22. What is it called when the government spends more than it
receives in revenue?
- 23. Deficit
- 24. What is voluntary compliance?
- 25. that all citizens are expected to prepare and file income
tax returns.
- 26. What is an audit?
- 27. when the IRS examines a tax return in detail.
- 28. Is child support taxable as income?
- 29. No. It is also not deductible for the person paying
it.
- 30. What does AGI stand for?
- 31. Adjusted Gross Income
- 32. What is a W-2?
- 33. a wage and tax statement.