CHPT 10 review
What percentage of their income should a self-employed person set aside for taxes?
25-30%
Which form is used to calculate how much income tax is withheld from your pay?
Form W-4
April 15 of every year—the usual deadline to file your taxes—is also called what
Tax day
Planning to spend more money than you actually have coming in is called
deficit spending
is money you make from your investments.
portfolio income
The taxes you pay for snacks and other items at a gas station are an example of
sales tax
Due to the 2018 tax reforms, most tax filers can just take the when filing their taxes
standard deduction
Each year, taxpayers submit a(n) to the IRS with the goal of getting as close to zero as possible.
tax return
is money you make from working at your job
Earned income
What federal payroll tax goes toward Social Security and Medicare?
FICA
_________ is your total pay before taxes and withholdings are taken out
Gross income
What types of taxes and deductions are factored into the difference between your gross pay and your net pay?
Income tax & Social security tax
The total amount the U.S. owes to other countries and companies is called what?
National debt
The IRS may conduct a(n) of a person's tax return to check the accuracy of the figures.
audit
An example of a(n) is the taxes you pay on the fuel you purchase for your car at a gas station.
excise tax
The 12-month period used for reporting financial activity is known as a(n)
fiscal year
If a long-lost relative or friend were to leave you a lot of money, you might have to pay a(n)
inheritance tax