Vocabulary
Money paid for service beyond what is required.
What is tip ?
Payment for work that is usually calculated on an hourly, daily, or piecework basis.
What is wage?
The review of financial records and statements to make sure the information is accurate as reported.
What is an audit?
The primary source of revenue for the federal government
What is Taxation ?
Introduced many changes to income tax laws in the United States.
What is Tax Cuts and Jobs Act of 2017 ?
A fixed payment for work and is expressed as an annual figure.
What is salary ?
Unskilled and beginning workers are paid
What is minimum wage?
A detailed examination of a tax return by the IRS
What is tax audit ?
The largest entitlement program is
What is Social Security ?
Required the IRS to create a tax form for seniors who do not have complicated tax returns.
What is The federal Bipartisan Budget Act of 2018 ?
A dollar amount that non-itemizers may subtract from their income before income tax is applied.
What is standard deduction?
Most wage-earners are covered by
What is the overtime provisions of the FLSA ?
Providing inaccurate information could
What is cause financial penalties, fines, and even criminal prosecution ?
The US Treasury divides all spending into three categories
What is mandatory spending, discretionary spending, and interest on the national debt?
For married couples filing jointly, only one must be
What is age 65 or over to use Form 1040-SR ?
Imposes the same tax rate on all individuals or entities regardless of differences in income or ability to pay. This is sometimes called a flat tax.
What is proportional tax?
Eligible workers who put in more than 40 hours per week must receive overtime pay at least
What is 1.5 times their regular hourly rate?
Guarantees taxpayers due process in their dealings with the IRS.
What is Internal Revenue Service Reform Act of 1998 ?
A limitation that affects a person’s ability to function in major life activities.
What is disability?
The first page of Form 1040 asks for information about
What is the taxpayer’s filing status, name, Social Security number, address, dependents, and sources of income ?
An expense item that can be adjusted according to needs and revenues.
What is discretionary expenditure?
High school students enrolled in career education classes can sometimes
What is be paid less than full minimum wage?
If you disagree with the outcome of a tax audit, you have the right to a conference at the Regional Appeals Office. From there, you can take your case to
What is the US Tax Court, the US Court of Federal Claims, or even the US Supreme Court ?
A payment made to an individual from the federal government through various social benefit programs.
What is a transfer payment?
If taxes are owed, it could
What is result in penalties and interest owed ?