Finance: Chapter 7 Test

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Author:
LaurenCamp29
ID:
291083
Filename:
Finance: Chapter 7 Test
Updated:
2014-12-15 06:37:40
Tags:
finance markingperiodtwo sen chapter test
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Senior Finance
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  1. Congress
    Money in this country is collected from citizens and redistributed according to priorities determined by
  2. Adjusted Gross Income
    Gross income less adjustments.
  3. Audit
    An examination of your tax return and records by the IRS.
  4. Dependent
    A person who lives with you and for whom you pay more than half of his or her living expenses.
  5. Exemption
    An amount you may subtract from your income for each person who depends on your income to live.
  6. Filing Status
    Your tax-filing group based on your marital status.
  7. Gross Income
    All taxable income you receive, including wages, salaries, and tips.
  8. Itemized Deductions
    Expenses listed on Schedule A that you can subtract from adjusted gross income to determine taxable income.
  9. Progressive Taxes
    Taxes that take a larger share of income as the amount of income grows.
  10. Proportional Taxes
    Taxes for which the rate stays the same, or flat, regardless of income.
  11. Regressive Taxes
    Taxes that take a smaller share of income as the amount of income grows.
  12. Revenue
    Incoming funds to the government collected from citizens and businesses in the form of taxes.
  13. Standard Deduction
    A stated amount you can subtract from adjusted gross income if you do not itemize deductions.
  14. Tax Brackets
    Income tax ranges from 10 to 35 percent based on income.
  15. Tax Credit
    An amount subtracted directly from the tax owed.
  16. Tax Evasion
    Willful failure to pay taxes.
  17. Taxable Income
    The amount on which you will pay income tax.
  18. Voluntary Compliance
    A system in which all citizens are expected to prepare and file income tax returns of their own accord without force.
  19. 1040 EZ
    1040 A
    First tax return
  20. 1040 EZ
    Less than $100 in taxable interest income
  21. 1040 EZ
    No kids
  22. 1040 EZ
    No tax credits
  23. 1040 EZ
    No tax reductions
  24. 1040 A
    1040
    More than $100,000
  25. 1040 A
    1040
    Status (5)
  26. 1040 A
    Kids
  27. 1040 A
    1040
    Tax credits
  28. 1040 A
    1040
    Tax deductions
  29. 1040 A
    1040
    Income Information
  30. 1040
    Long Form
  31. Tax credit subtracts directly from the taxes owed
    Why is a Tax Credit better than a Tax Deduction?

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