Understanding Taxes

A tax return filed with the IRS is called a _____ ______

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.11-12.3

CCSS.RI.8.3

CCSS.RI.9-10.3

Define IRS

• Income minus allowable exclusions

• Internal Revenue Service

• Amounts you paid for state and local income or sales taxes

What happens if you do not file taxes?

What is the purpose of a W-4 form?

List three itemized deductions you could claim now or in the near future:

Gifts

• Nontaxable

• Taxable

Lottery and gambling winnings

• Taxable

• Nontaxable

Tips 

• Taxable 

• Nontaxable

Child Support Received

• Taxable

• Nontaxable

Define "Asset"

• Amount subtracted from gross pay

• A range of income subject to a certain income tax rate

• Property that can be used to repay debt such as stocks and bonds or a car

• Amounts you paid for state and local income or sales taxes

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5