Taxable Income

Every year, as long as you are earning money, you have to pay _________________ to the government.

• nothing

• interests

• tips

• income tax

Tags

CCSS.L.3.1G

Your total income is basically any money that _______.

• you earn

• you pay

• you owe

• all of answers

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

The U.S Tax System is called a progressive tax system because _______.

• people have the same tax rate

• people who earn more money have a higher tax rate

• only people who are very rich need to pay income tax

• people just pay tax if they want

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.1

CCSS.RL.8.1

CCSS.RL.9-10.2

If you fail to pay your federal income taxes, the U.S government can _______.

• ask other people to help you to pay your tax

• forgive you

• ignore you

• punish you (a fine or a prison sentence)

Tags

CCSS.RI.11-12.4

CCSS.RI.9-10.4

CCSS.RL.11-12.4

CCSS.RL.8.4

CCSS.RL.9-10.4

When your employer pay taxes to the government directly out of your salary

• Individual income tax

• Taxable income

• Pay-as-you-go

• Progressive tax

This form , which you get from your employer, tells you how much of your income was withheld

• W-1

• W-2

• W-3

• W-4

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Employee's Withholding Certificate is _______.

• W-4

• W-3

• W-2

• W-1

When will your employer send you a W-2 form?

• When you are laid off

• When they offer you a job

• By January 31st, the following year

• By December 31st of the year filing tax

A type of taxation in which people and businesses with higher incomes pay higher taxes.

• Progressive taxation

• Federal taxation

• Flat taxation

• Regressive taxation

Lily changed her filing status on last year's tax return, and her standard deduction went up. Which of these could have been the change she made?

• "Head of household" to "Single"

• "Single" to "Head of household"

• "Single" to "Married filing separately"

• "Married filing separately" to "Single"