A
Tax day
April 15th
Single, married, head of household, or widow(er).
Filing Status
Is total income minus deductions and exemptions.
Adjustable Gross Income
Any money owed to the taxpayer.
Refunds
Is the total amount of tax debt owed by an individual, corporation, or other entity to the IRS.
Tax Liability
Is a percentage of a person's income and earnings owed to the federal government.
Income Tax
When you subtract a standard deduction or itemized deduction from your adjusted gross income.
Taxable Income
It is the entity that collects and enforces taxes.
IRS
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
Sixteenth Amendment
Is a specific dollar amount that you subtract from your adjusted gross income.
Standard Deduction
Pro and Con for filing with paper
Pro - safer
Con - slower
How often does the tax code change?
Frequently or regularly
Occurs when the IRS decides to closely examine an individual's income, expenses, and deductions as they relate to his/her tax return and the tax code.
Tax Audit
Pro and Con for filing electronically
Pro - faster
Con - less safe
Americans pay income tax to support which programs and services?
Federal programs and services
Why would a dependent still want to file their income tax?
To get a refund
Who passed two acts that generally lowered tax rates for most taxpayers (expired the end of 2010)?
George W. Bush
What does IRS stand for?
Internal Revenue Service