Unit 6 Review: Income Taxes Vocabulary

What U.S. government agency is responsible for collecting income tax? Type the abbreviation.

When is your tax return due?

• April 15

• October 15

• January 31

• April 1

If you can be claimed on your parents’ taxes, you are called a

Tags

CCSS.RI.11-12.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.8.4

CCSS.RI.7.4

What types of income must be reported on your income tax return?

• ALL

• Only non cash income

Adjusted Gross Income

= ______________ - ___________

• Gross Income - Adjustments

• Gross Income - Deductions

• Taxable Income - Deductions

• Taxable Income - Gross Income

Tags

CCSS.HSA.CED.A.2

CCSS.HSA.CED.A.4

CCSS.HSA.SSE.A.1

CCSS.HSA.SSE.B.3

If your federal withholdings were greater than your tax due, you will ___________________ when you file your tax return.

• receive a refund

• owe more money

Tags

CCSS.L.9-10.4C

CCSS.L.11-12.4C

CCSS.L.8.4C

CCSS.L.7.4C

CCSS.L.6.4C

As your Taxable Income increases, the amount of Tax due increases because Income Tax rates are __________________

Tags

CCSS.L.11-12.4C

CCSS.L.9-10.4C

CCSS.L.8.4C

CCSS.L.7.4C

CCSS.L.6.4C

A Capital Gain exists when you ______ something for _______ than you initially paid for it.

• sell, more

• sell, less

Tags

CCSS.RI.11-12.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.8.4

CCSS.RI.7.4

Name the statement your bank will send if you earn taxable interest.

1099-______

Tags

CCSS.RI.11-12.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.8.4

CCSS.RI.7.4

Ms. Homer is single. In 2020 she paid $5,225 in real estate taxes and $2,800 in home mortgage interest, if this total would equal her itemized deductions, should she take her itemize deduction or use the standard deduction?

• Standard Deduction

• Itemized Deduction

Tags

CCSS.7.NS.A.1D