WorksheetsTax Study Guide
Total questions: 18
Worksheet time: 12mins
Proportional Tax
Tax rate goes up as income goes up
Tax rate goes up as income goes down
Tax rate stays the same
(a) is the income you pay taxes on
Examples of Progressive Tax
Sales tax
Property taxes
Income tax
none
Regressive Tax
Tax rates go up as income amount goes up
Tax rates go up as income amount goes down
Tax rates stay the same
Proportional Tax
Tax rates stay the same
Tax rates go up as income goes up
Tax rates go down as income goes up
Value Added Tax, placed on goods bought outside the country
(a)
If you are not married, your filing status is
Single
Married, filing seperately
Married, filing together
Qualifying Widow
Head of Household
Gross income-_____=AGI
Deductions
Subtractions
Standard Deduction
The stated amount that that you may subtract from your AGI instead of itemizing other deductions
Expenses subtracted from AGI to determine taxable income
The amount of money you get off your taxes from claiming someone as a dependent
Types of Deductions
Itemized
Standard
Progressive Tax Examples
Federal Income Tax
Income Tax
Sales Tax
Property Tax
Proportional Tax Examples
Federal Income
Income
Sales
Property
Types of Regressive Tax
Federal Income
Income
Sales
Property
Tax returns must be filed by ____
January 1st
January 31st
April 15th
April 30th
Tax Bracket
The income range that a tax rate is applied to
The job rankings in the IRS
Your taxes just in a bracket
The administrative agency run by the department of Treasury that collects taxes and enforces tax laws is the (a)
Taxes, treated as income by the government
(a)
Exemption
The amount you may subtract from your income for each person who is your dependent
All your subtractions
All your exemptions
All your deductions
