Ch 7 Taxes Review

Front

Federal income taxes are due by

Back

April 15

Front

The federal income taxes that you pay out of your paycheck is

Back

an estimated amount

Front

You are taxed on

Back

your taxable income

Front

The United States uses what type of tax system?

Back

Progressive

Front

Freelancers/independent contractors have to pay

Back

Employer and employee taxes

Front

What form do you use to file your taxes? Options: W-2, 1040, W-4

Back

1040

Front

Which government institution is responsible for collecting taxes?

Back

IRS

Front

The amount of money owed to the government that is not your entire salary but is adjusted based on deductions is?

Back

Taxable income

Front

Which type of deduction is the average deduction for people who are filing in the same status as you and easier to do?

Back

Standard deduction

Front

What is the maximum tax rate using the progressive tax system if you earn $75,000?

Back

25%