Income Tax Exam Flashcards
What is Direct Deposit?
When you refund money is sent directly to your bank account (not through check)
How much time does it take if claiming refund money through check?
6-8 weeks
The amount that you have to pay taxes on is known as your ____________.
Taxable Income
What form should you use to complete your Georgia Income Tax Return?
1040 Tax Return
In what number box would you find Wages, Tips, and other on your W2 form?
Box 1
In what number box would you find Federal Income Tax Withheld on your W-2 Form
Box 2
What is the annual tax paid to the federal government, and in most states including Georgia, on the amount of money that you make every year is known as ________
Individual Income Tax
What is the Federal agancy that is responsible for administrating and enforcing the tax laws?
The IRS
Claiming tax deductions you’re not entitled to, not paying your taxes. underreporting income, etc.
Tax Evasion
Where does the majority of the president’s Mandatory Spending go to?
Social Security and Medicare
Where does the majority of the President’s Discretionary Spending go?
Defense/Military
A tax in which the tax rate increases as the taxable amount increases
Progressive Taxes
As income increases, tax is lower
a greater amount from those on lower incomes.
Regressive taxes
What are proportional taxes?
income tax that levies the same percentage tax to everyone
