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Family Finances > Taxes > Flashcards

Taxes Flashcards

0
Q

Someone who is supported by a taxpayers income

A

Dependent

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1
Q

Factors that affect the amount of income tax withholding

A

Allowances

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2
Q

Reduces the amount of income that is taxed

A

Tax deduction

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3
Q

the amounts actually spent on tax-deductible expenses during the year

A

Itemized deduction

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4
Q

A set amount that the IRS allows without listing any actual expenses

A

Standard deduction

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5
Q

Subtracted directly from the amount of tax owed

A

Tax credit

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6
Q

The largest source of money used by the federal government comes from…..

A

Income tax

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7
Q

Determining factors in how much money is withheld from your paycheck…

A

How much you earn
How often you get paid
Information you give your employer on form W-4

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8
Q

Employees Withholding Allowance Certificate

A

Form W-4

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9
Q

How do you determine when your exempt from paying taxes

A

If you didn’t pay taxes the previous year

If you expect to have too little of an income

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10
Q

When is tax day

A

April 15th

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11
Q

Purpose of a tax return

A

Report your actual earnings
Calculate how much tax you owe on those earnings
Compare the owed to the total amount withheld

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12
Q

Government agency in charge of collecting federal income tax

A

IRS (Internal Revenue Service)

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13
Q

4 things to do before you complete your tax return

A

Form W-2
Form 1099
Read IRS instruction booklets and forms
Personal records

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14
Q

How does your employer help you with your tax obligation

A

Withhold or take out, income tax from every paycheck and send the money to the government

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15
Q

Where does a W-2 come from? When must you receive it by?

A

Employer

January 31

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16
Q

Two things to check once you receive a W-2 form

A

Check that your name and SS# are correct

Check that it corresponds to your year to date figure on the pay stub

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17
Q

What is a 1099 form? Who sends it to you?

A

Shows the amount you earned

The bank

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18
Q

What are the three forms to choose from when filing your federal income tax?
What form do teens use to file?

A

1040
1040A
1040EZ

1040EZ

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19
Q

What do you do if you underpaid your tax obligation?

A

Send the remaining tax to the IRS with your return

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20
Q

Biggest advantage to filling your tax return electronically?

A

More efficient and sends refunds more quickly

21
Q

A kind of tax that is tax on interest you earn on savings?

A

Income

22
Q

Tax that helps pay for peoples retirement

A

Social security

23
Q

Level of government primarily responsible for providing public elementary education

A

Local

24
Q

Level of government that pays for the goods of traffic lights and sidewalks

A

Local

25
Q

Consumption tax

A

Sales tax

26
Q

Who pays the payroll taxes to the government

A

Employers

27
Q

Progressive tax

A

Income tax

28
Q

Tax that would make gasoline cost more

A

Excise

29
Q

Tax that is used to decrease demand for a particular item

A

Sales

30
Q

Level of government that lays for bridges, highways, and hospitals

A

Federal, State, and Local

31
Q

Level of government that gets most of it’s revenue from property tax

A

Local

32
Q

Tax on something you buy

A

Sales

33
Q

Tax on something you own

A

Property

34
Q

Level of government gets most of its income from income tax

A

Federal

35
Q

Excise tax

A

Luxury tax

36
Q

Taxes on gasoline, airplane tickets, and cigarettes

A

Excise

37
Q

Tax is different for different people based on their ability to pay

A

Income

38
Q

Tax on money people get for working

A

Income

39
Q

Government that can tax peoples income

A

State, Local, Federal

40
Q

Government that pays for the service of medical care for people who can’t afford it

A

Federal

41
Q

A sum of money demanded by a government to support the government itself as well as specific facilities or services

A

Taxes

42
Q

A person who pays a tax to national, state, county, or municipla(city/town) governments

A

Taxpayers

43
Q

A group of people with common interests and concern for the common good

A

Community
(U.S. State, County, City/Town)
Roads, libraries, military for national security, public schools, police and fire departments, and recreation

44
Q

Money earned from working for pay

Wages and Salaries earned from employment

A

Earned income

45
Q

Income received from sources other than employment

Interest earned from a savings account

A

Unearned income

46
Q

Tax on earned and unearned income

A

Income tax

47
Q

A tax on earned income that supports the SS and Medicare programs (FICA)

A

Payroll tax

48
Q

A tax on property, such as land, buildings, and motor vehicles

A

Property tax

49
Q

Tax on purchased goods and services

A

Sales tax

50
Q

Taxes collected from the seller or retailer and as such often remain hidden in the price of a product or service

A

Excise tax

Family Finances (3 decks)

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