tax brackets
How many different tax brackets are in the federal tax system?
7
Which of the following is the total amount of tax debt owed by an individual to a taxing authority such as the IRS?
tax liability
Which of the following is a form used by an individual’s employer to withhold the proper amount of federal income tax from the employee’s paycheck?
w-4
When must taxpayers complete and submit tax return forms?
april 15th
Is a gift made by an individual or an organization to a nonprofit organization, charity or private foundation
charitable donation
Refer to the range of incomes subject to a certain income tax rate
tax brackets
Which of the following refers to a range of incomes subject to a certain income tax rate?
tax brackets
Which of the following forms is the most complex of all individual tax filing documents to complete?
1040
When must W-2 forms be sent to employees?
Jan. 30th
what is the number term that represents an individualized tax return
1040
what is the highest tax rate
37%
Which of the following types of tax deduction allows the taxpayer to list out all of his or her expenses for the year such as property tax, medical expenses, eligible charity donations, unreimbursed business expense?
itemized deduction
Which of the following forms is used when an individual is eligible to receive part of the earned income credit (EIC) in advance and chooses to do so?
w-5
Results in negative consequences
failing to pay taxes on time
Can greatly reduce a taxpayer’s liability
tax break
what is the lowest tax rate
10%
direct tax levied on income of a person
Personal Tax
Reports an employee’s annual wages and the amount of taxes withheld from his or her paycheck
w-2
Are the most beneficial credits, as they are entirely refundable
Refundable Tax Credits
Is the portion of income which is not subject to tax and can be used to reduce a tax bill
standard deduction
how much do you have to make to stay in the lowest tax bracket
under 10k
form the individual submits to a federal, state or local taxing agency to report income, calculate and pay taxes
Individual Tax Return
Is a form an individual submits to a federal, state or local taxing agency to report income, calculate and pay taxes
Individual Tax Return
purchasing energy-efficient appliances, attending college are examples of
tax breaks
Is the eligible expenses individual taxpayers can claim on federal income tax returns which decrease their taxable income
itemized deduction