Financial Literacy - Taxes

The Internal Revenue Service's function is to?

People who depend on you for more than half of their living expenses are called?

Which of these is an example of a flat tax?

All citizens are responsible for preparing and filing taxes by the due date, this is known as?

All individuals and businesses who earn income are required to pay taxes.

Figuring a way to lower your tax liability is known as?

Federal Income Tax is an example of this type of tax.

When all sources of an individual's taxable income is added together.

This is sent by your employer stating your yearly accumulated earnings plus taxes withheld from your paycheck.

Income earned from interest on a savings account is known as?

Individuals and businesses are required to file a tax return on

Income from an individual's job is known as?

A flat amount that the tax system lets you deduct from your adjusted gross income.

An examination of a tax return is called?

To WILLFULLY and INTENTIONALLY fail to pay taxes is known as?

Money collected by the government from various sources is called?

All income is taxable for tax return puproses.

If your status is MARRIED, you are required to file a return WITH your spouse.

Individuals can only be claimed as a dependent on one tax return.

This is determined by whether you are married or unmarried.

Only accountants are permitted to use tax preparation software to prepare and file taxes.

The form used by individuals to file taxes is called?

Money earned by individuals is that is subject to taxation is called?