Importance
Taxes are used to promote the __ of society
well-being
what is a tax refund?
If the amount taken out of your paycheck is more than the amount you owe for the year you will get a tax refund.
Taxes can be used as a way to redistribute wealth in a society from people who have ___ to people who have ___
more, less
what's a W-2 tax form?
The most common tax documents you will receive are a W-2, which is your wages earned and taxes paid.
What are sin taxes?
Sin taxes on not-good-for-you products like cigarettes and alcohol are meant to reduce consumption of unhealthy products.
Submit your tax return to the IRS, the most common way is electronically known as ___?
e-filing
Taxation is as old as government itself. Indeed, the first known written records, made by the Sumerians about ___ years ago, are apparently tax records.
5,000
When it’s tax filing season, you fill out your tax return and report all ___ and ____ , and then you’ll see how much tax you owe for the year
your income, all tax deductions and credits
TurboTax says that ___% of taxpayers are eligible to file their taxes for zero dollars under them.
37%
More recently, in 1927, U.S. Supreme Court Justice Oliver Wendell Holmes wrote: “Taxes are what we pay for ___ society.”
civilized
Taxation is the principal means by which governments get the resources to pay for activities such as? (4 answers)
1. armed forces
2. court system
3. health care program
4. programs aimed at transferring resources to the destitute or the elderly.
What's a 1098?
1098 is your mortgage interest