Taxes

Tax Vocabulary

100

A reduction in the amount of money you need to pay.

What is DEDUCTION

200

The total amount of money a person brings in before deductions.

What is GROSS INCOME

300

Filing status for taxpayers who are married to each other

What is MARRIED FILING JOINTLY

400

Taxes on property such as real estate, vehicles, and boats.

What is PROPERTY TAX

500

A review of your tax return by the IRS, during which you are asked to prove that you have correctly reported your income and deductions.

What is AUDIT

How to Pay Taxes

100

You can make a payment by ____ or _____

Check or Money order

200

Easiest way to pay taxes is by using

Direct pay

300

If you don't have enough funds in the bank you may use your ______ to pay your taxes

Credit Card

400

You can apply for an _____ ______ _____ on the IRS website

Online Payment Agreement

500

.......... describes your tax-filing group.

What is filing status?

Tax Vocabulary 2

100

A child or other person that some can claim depends on them financially.

What is DEPENDENT

200

A fixed sum paid for a specific amount of time such as weekly and monthly.

What is SALARY

300

Generally paid to a taxpayer who retires early because of a disability.

What is DISABILITY PENSION

400

An ............... is an amount you may subtract from your income for each person who depends on your income to live.

What is exemption?

500

Compensation for the use or forbearance of money

What is INTEREST

Fun Facts

100

A US government agency responsible for collecting taxes and enforcing revenue laws.

What is IRS - Internal Revenue Srvices

200

True or False: FICA stands for Federal Institue Company Act

False: Federal Insurance contributions act

300

The United States has a _____ which means the more someone makes the more they will pay on income taxes.

What is a PROGRESSIVE TAX SYSTEM

400

True or false: Americans pay many types of taxes

True

500

True or false: Over 1 million accountants are hired each year in America to help with taxes

True