the “ability to ___ principle” is an accepted principle of tax fairness. pay

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The “ability to ___ principle” is an accepted principle of tax fairness. Pay

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Page 1: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

The “ability to ___ principle” is an accepted principle of tax fairness.

Pay

Page 2: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

_____ collected are used to provide education and public

services.

Taxes

Page 3: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

You must use Form ____ if your taxable income exceeds

$100,000.

1040A

Page 4: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

In a graduated tax system, tax rates ______ as income

increases.

Increase

Page 5: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

A person who lives with you and receives support from you

is called a/an _________.

Dependent

Page 6: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

You must ____ a tax return to receive a refund of taxes withheld unnecessarily.

File

Page 7: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

To itemize deductions, you must use the Long Form ______.

1040 (Schedule A)

Page 8: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

Each ________ claimed by a taxpayer reduces total tax

liability.

Exemption

Page 9: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

Taxpayers should not itemize unless their deductions

exceed the ______ deduction.

Standard

Page 10: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

Taxes based on the ability to pay is called __________.

Progressive

Page 11: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

______ taxes are based on a flat rate that does not change

according to income level.

Proportional

Page 12: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

You can not itemize deductions on Form _____.

1040 EZ

Page 13: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

Use of a tax ______ does not absolve one from an error on

your tax return.

Preparer

Page 14: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

The sole function of the _____ is to collect income taxes and

to enforce tax laws.

Internal Revenue Service

(IRS)

Page 15: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

The power to levy taxes rests with ______.

Congress

Page 16: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

Worker’s compensation and unemployment compensation

are _______.

Taxable

Page 17: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

Which of the following is not a taxable income:

Wages, Tips, Salaries, Alimony, Child Support

Child Support

Page 18: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

By designating $3 to the Presidential Election

Campaign Fund, you do not increase your ______.

Liability

Page 19: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

In the U.S., responsibility for paying income taxes rests with

the ________.

Individual

Page 20: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

Tax ____ is a serious crime punishable by a fine or imprisonment or both.

Evasion

Page 21: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

If you have many deductions, it’s a good idea to ______ instead of

taking the standard deduction.

Itemize

Page 22: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

The largest source of government income in the

U.S. is _______

Income Taxes

Page 23: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

Which of the following people must sign a tax return?The Tax Payer

The Tax Payer’s SpouseThe Person Who Prepared the Return

All of them

Page 24: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

The income tax is an example of which type of tax:

ProgressiveProportionalRegressive

Excise

Progressive

Page 25: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

Sales tax is an example of which type of tax?ProgressiveProportionalRegressive

Excise

Regressive

Page 26: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

Property tax is an example of which type of tax?

ProgressiveProportionalRegressive

Excise

Proportional

Page 27: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

As taxable income increase, income tax rates _____.

Decrease

Page 28: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

The first income tax became necessary during what war?

War of 1812

Page 29: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

You must file your income tax returns no later than _____.

April 15

Page 30: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

An examination of tax returns by the IRS is called an ______.

Audit

Page 31: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

Definitions:

Page 32: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

A person who can be claimed as an exemption by a tax payer.

Dependent

Page 33: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

A type of income that must be claimed on a Form 1040.

Alimony

Page 34: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

Taxes that increase in proportion to income

Progressive

Page 35: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

A type of income received that is not taxable.

Child Support

Page 36: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

Taxes for which the rate remains constant, regardless

of the amount of income

Proportional

Page 37: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

Money collected by the government through taxes.

Revenue

Page 38: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

The type of tax that requires those who can least afford it to pay the most in proportion to

their income.

Regressive

Page 39: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

Willful failure to file and pay taxes.

Tax Evasion

Page 40: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

An amount you may subtract from your income for each

person who depends on your income to live.

Exemption

Page 41: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

A person who can be claimed as an exemption by a taxpayer

Dependent

Page 42: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

Income ranges where the more you make the higher the

tax rate you pay

Tax Brackets

Page 43: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

To list allowable expenses on your tax returns.

Itemize

Page 44: The “ability to ___ principle” is an accepted principle of tax fairness. Pay

Good Luck on Your Test!