Taxes collected are used to provide education and public services.
What is True?
100
The largest source of government revenue in the United States.
What are income taxes?
100
A person who can be claimed as an exemption by a taxpayer.
What is a dependant?
100
A type of income received that is not taxable?
What is child support?
100
An example of tax preparation computer software.
What is turbo tax?
200
Use of a tax preparer absolves you of any responsibility for an error on your tax return.
What is False?
200
The income tax is an example of this type of tax.
What is a progressive tax?
200
Taxes that increase in proportion to income.
What are progressive taxes?
200
These people sign a tax form if they are married filing jointly and completed the return on their own.
What is the taxpayer and spouse?
200
An administrative agency of the federal government that collects taxes.
What is the IRS?
300
In the U.S. responsibility for paying income taxes rests with the individual.
What is True?
300
The first income tax became necessary during this war.
What is the War of 1812?
300
An amount you may subtract from your income for each person who depends on your income to live.
What is an exemption?
300
In order to avoid itemizing deductions, a person may elect to take this, which is a flat amount allowed to taxpayers depending on filing status and subtracted from adjusted gross income.
What is the standard deduction?
300
To compute your tax liability, turn to the tables and look up the amount called this.
What is the taxable income?
400
Tax evasion is a serious crime punishable by a fine or imprisonment or both.
What is True
400
You must file your federal income tax return no later than this date.
What is April 15th?
400
To list allowable expenses on your tax return.
What is itemizing?
400
This type of tax allows a higher-income person to pay a lower percentage of income in taxes than a lower-income person.
What are regressive taxes?
400
Money received in the form of wages, tips, salaries, or interest.
What is taxable income?
500
If you have many deductions it is a good idea to take the standard deduction.
What is False?
500
An examination of tax returns by the IRS is called this.
What is an audit?
500
Willful failure to file and pay taxes.
What is tax evasion?
500
A tax system that is based on this, requires all citizens to be responsible for preparing and filing their tax returns on time and paying taxes due.
What is voluntary compliance?
500
This type of compensation benefits received are fully taxable to the person who receives them.