Chapter 14 - Team Open Note Flashcard

Front

If a teen files a tax return, can the parent still claim him/her as a dependent?

Back

Yes, as long as the teen meets the dependency requirements

Front

Luisa earned $1,200 at her part-time job, and $500 from babysitting in cash. Which is TRUE?

Back

She will report her total income as $1,700.

Front

If Jason filed his tax return and owes money, when should he pay this amount by to avoid a fee?

Back

April 15th

Front

IRS stands for

Back

Internal Revenue Service

Front

When you receive a new job, you are mandated to file a

Back

W-4

Front

A fixed amount all people are allowed to deduct from their adjusted gross income to reduce their tax liability

Back

Standard Deduction

Front

A popular suggestion is to eliminate the income tax and replace it with a national sales tax, called the fair _____ The idea is that everyone pays their fair share based on what they spend rather than what they earn.

Back

tax

Front

A _____________tax may at first appear to be a fair way of taxing citizens because everyone, regardless of income level, pays the same dollar amount. By taking a closer look, it is easy to see that such a tax causes lower-income people to pay a larger share of their income than wealthier people pay

Back

regressive

Front

A _________ tax, also referred to as a flat tax, impacts low-, middle- and high-income earners relatively equally.

Back

proportional

Front

Helps provide retirement income for the elderly and pays disability benefits

Back

social security