Fin Lit - Taxes Review

Allowable reduction that is based on filing status

• Itemizing

• Standard Deduction

• Exemption

• Adjusted Gross Income

A person that taxpayer supports financially

• Exemption

• Dependent

• Itemizing

• Head of Household

Form used to file income taxes.

• withholding

• tax return

• taxable income

• tax credit

A persons gross (or total) income minus exemptions and deductions.

• taxable income

• tax credit

• income tax

• estate tax

Amounts that you can subtract, or deduct from your gross income

• tax deductions

• tax credit

• sales tax

• corporate taxes

Bryan paid $4,560 in taxes. The taxes he owed was $4,175. How much would he be refunded?

• $385.00

• $8,735.00

• $125.00

Jamari paid $2,500.00 in taxes . The taxes he owed were $3,875.00. How much tax did he owe?

• $6,375.00

• $550.00

• $1,375.00

The official date for when taxes are due

• January 15

• February 15

• March 15

• April 15

When you are ready to file for taxes you must have form

• W-2

• W-6

• WD40

• W-2484

Who pays taxes

• You

• Adults

• Immigrants

• Everyone