Federal Income Tax - Review

You should file for your taxes no later than April 25 of the year after you earned income.  

A dependent is a person who lives with you and who receives more than half of expenses from you

or flat taxes are taxes for which the rate stays the same.  

$ that substitutes wages or salary to unemployed workers administered by government or labor

You should always file your taxes electronically.  

Deductions are expenses the law allows you to subtract from your adjusted gross income

During World War II, taxes were increased to finance the war so they could have a big party.  

is the income on which you will pay tax

Willful failure to pay taxes is called an audit.  

When the Civil War became an economic burden, an income tax to finance the war became necessary

Dividends are money, stock, or other property that corporations pay to stockholders.  

The government collects money from citizens and businesses in the form of taxes known as  

Itemize is the process of listing allowable deductions on a tax return.  

Money paid to a former spouse for support of dependent children is called 

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

To use Head of Household filing status, a taxpayer must me unmarried at the end of the year.  

are taxes that take a smaller share of income as the amount of income grows.  

when an individual intentionally falsifies information on a tax return to limit tax liability.

Money paid to a former spouse is called 

All individual taxpayers use one of the three basic tax forms:  1040ez, 1040ab, 1040a

You should prepare your tax forms with the idea of paying your fair share 

Tax rates apply to income ranges, or tax brackets.  

What does IRS stand for?

World War I (1917) was paid for by income taxes.  

Your interest income includes all taxable interest from banks, savings and loan associations.  

is all the taxable income you receive, including wages, tips, salaries, interest, dividends ect

are taxes that take a larger share of income as the amount of income grows.  

The W-2 form reports an employee's annual wages and the amount of taxes withheld.  

A W-4 form is a form completed by an employee to indicate his or her tax situation (exemptions)

If you are single with children you should file using the 1040EZ form.