Everything Taxes Flashcards
1
Q
Audit
A
an examination of your tax return and records by the IRS
2
Q
Filing Status
A
your tax-filing group based on your martial status
3
Q
Gross Income
A
all taxable income you recieve
4
Q
Progressive Taxes
A
the tax system we have, where the more you make the more you’re taxed
5
Q
Proportional Taxes
A
the tax rate is the same for all incomes
6
Q
Tax Credit
A
an amount subtracted directly from the tax owed
7
Q
Taxable Income
A
the amount on which you will pay income tax
8
Q
Voluntary Compliance
A
a system where civillians are expected to pay tax of their own accord, without force
9
Q
Federal taxes; role of Congress vs. IRS
A
Congress enacts tax laws, and the IRS was chosen by Congress to enforce them.
