Chapter 7 tax review

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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.