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WorksheetsPF - Ch. 3 Taxes Review
Total questions: 15
Worksheet time: 8mins
To computer your tax liability, turn to the tax tables and look up the amount called
gross income
adjusted gross income
take-home pay
taxable income
Which of these is a form of flat tax?
sales tax
income tax
property tax
excise tax
Tax returns must be file by __________ of the following year.
January 31
April 15
December 31
January 1
As an alternative to itemizing deductions, taxpayers may
file Form 1040EZ
claim the standard deduction
claim more exemptions
file Form 1040A
Student loan interest and tuition can be listed as ______ on Form 1040A.
tax credits
exemptions
adjustments to gross income
taxable income
Money collected by the government from various sources is known as _________.
tax
audit
revenue
alimony
A tax that increases in proportion to increases in income is known as a _________ tax.
proportional
progressive
regressive
Money earned by individuals that is subject to taxation is called ________ income.
gross
gross adjusted
taxable
In order to avoid itemizing deductions, a person may elect to take the _________, which is a flat amount.
standard pay rate
progressive rate
flat rate
standard deduction
Expenses that can be subtracted from gross income are called _____________.
deductions
exemptions
adjustments
A _________ tax allows a higher-income person to pay a lower percentage of income in taxes than a lower-income person.
gross
progressive
regressive
proportional
A type of tax for which the rate stays the same regardless of income is called _________.
proportional
regressive
proportional
The income tax is an example of a progressive tax.
True
False
Money received in the form of wages, tips, salaries, or interest is taxable income.
True
False
A taxpayer's filing status is unrelated to his or her marital status.
True
False
