Chapter 7 Financial Literacy Review

Flat taxes for which the tax rate remains the same regardless of income.

Includes Wages, salaries, tips, taxable interest, unemployment compensation.

Sales taxes on specific goods and services such as gasoline or cigarettes are called excise tax

In the US, the responsibility for filing a tax return rests with the individual. This is called

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

Incoming Funds to the government is called

Child support received is taxable.

You must file your tax return by this date

Someone who lives with you and for whom you pay more than half of his/her living expenses

Consumption taxes are taxes on goods and services.

Adjusted gross income less your deductions.

Willful failure to pay taxes is called "Tax Evasion"

On a local level, taxes provide services such as education, parks, roads, police and fire.

The largest source of government revenue in the United states is.

Federal income taxes are regressive

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

Money received as Alimony is taxable.