3 Income Tax

Front

Federal income taxes are regressive.

Back

False

Front

Consumption taxes are taxes on goods and services.

Back

True

Front

On a local level, taxes pay for services such as education, parks, roads, and police, fire, and health departments. True or False?

Back

True

Front

In the United States, all citizens are expected to prepare and file tax returns on their own without being forced to do so by the government.

Back

True

Front

A tax for which the rate stays the same, regardless of income, is called a

Back

proportional tax.

Front

Which of the following is an example of a flat tax? a. consumption tax b. federal income tax c. property tax d. sales tax

Back

property tax

Front

Your filing status on your tax return is based on: your occupation, your age, your income, or your marital status?

Back

your marital status.

Front

You must file your tax return by this date every year.

Back

April 15

Front

Your employer must have your W2 in the mail or given to you by

Back

January 31st

Front

What does the IRS expect you to report as income?

Back

Wages and any other form of earnings including virtual currency gains