The IRS
What does "IRS" stand for?
What is the "Internal Revenue Service?"
tax on earned income
What is payroll tax
A potential reduction to $0.00 but not any more.
What is nonrefundable tax credit?
A person who can be claimed as an exemption by a taxpayer.
What is a dependant?
If you are to receive a refund, you can have the IRS either mail you a check, or ......
What is have the money go into your checking or savings account by "direct deposit?"
Our income tax system is based on ________ _________, which means that all citizens are expected to prepare and file tax returns of their own accord without force.
What is "Voluntary Compliance?"
federal government program that helps citizens retire
what is social security?
This is better than a deduction as it pays your tax bill
What is a Tax Credit
What is the term for all the taxable income you receive?
What is "Gross Income?"
Non-W2 taxpayers who earn or recieve money throughout the year pay this type of tax so as not to owe anything or too much at the end of the year
What are quarterly taxes
An examination of your tax return by the IRS.
What is an "Audit?"
helps pay for health care for senior citizens
What is medicare?
A tax in which the average tax rate increases as the taxable amount increases.
What is a progressive tax?
A reduction of income that is able to be taxed
What is a tax deduction?
Yes or No?--Is it taxable? Unemployment Compensation
What is "Yes?"
Willful failure to pay taxes is called ______ ________.
What is "Tax Evasion?"
payroll tax helps support these two programs
What is social security and medicare
What is the lowest tax bracket?
10% as of 2022
To list allowable expenses on your personal tax return.
What is itemizing?
Yes or No?--Is it taxable? Alimony
What is "Yes?"
The IRS is an agency of this department, and has its headquarters in Washington, D.C.
What is the "Department of the Treasury?"
Name of the federal law that requires you to pay payroll tax
What is Federal Insurance Contributions Acts
The current corporate tax rate.
What is 21%?
income before taxes
What is gross income?
Yes or No?--Is it Alimony deductible as of today
What is No