ch.10 review

Each year, taxpayers submit a(n)_____to the IRS with the goal of getting as close to zero as possible.

• Tax Return

• tax credit

• Excise Tax

• Income Tax

  
  

Due to the 2018 tax reforms, most tax filers can just take the___when filing their taxes.

• deduction

• Standardized deductions

• Tax

• gift tax

What types of taxes and deductions are factored into the difference between your gross pay and your net pay?

(a)  

April 15 of every year—the usual deadline to file your taxes—is also called what?

• tax day

• due day

• deadline day

• equinox day

The total amount the U.S. owes to other countries and companies is called what?

• wealth tax

• deficit spending

• National debt

• national tax

What federal payroll tax goes toward Social Security and Medicare?

• FACA

• FACO

• FICO

• FICA

What percentage of their income should a self-employed person set aside for taxes?

• 20-25

• 25-30

• 30-40

• 10-30

_________ is your total pay before taxes and withholdings are taken out.

• passive income

• earned income

• net income

• Gross income

Which form is used to calculate how much income tax is withheld from your pay?

• W-2

• W-4

• 1040

• 1099

The taxes you pay for snacks and other items at a gas station are an example of?

(a)