A tax is defined as a contribution that supports the _____ of a government.
ANSWER
operating costs
A _____ tax requires a taxpayer to pay more tax as their income increases. (Federal and state
income taxes are examples)
ANSWER
progressive
A _____ tax charges the same percentage of the cost of a good or service, no matter what
the taxpayer earns. (Sales tax, gas taxes, and liquor taxes are examples)
ANSWER
regressive
Sometimes taxes are called _____.
ANSWER
fees or surcharges
A _____ could include the cost of a driver's license or a hunting license.
ANSWER
,fee
A _____ could be a gasoline tax, tobacco tax, or liquor tax.
ANSWER
surcharge
Taking care of _____ is as important for a member's financial well-being as it is to pay their
bills on time.
ANSWER
tax obligations
Any _____ from the IRS should be reviewed and dealt with as soon as possible.
ANSWER
correspondence
If you have not been able to resolve a problem with the IRS, seek assistance from the _____.
ANSWER
taxpayer advocate service.
Complex tax situations might require members to hire a _____.
ANSWER
tax professional
,_____% of taxpayers may be eligible for free tax filing assistance.
ANSWER
70
If members get a large refund, they might want to change their _____ if the money is
needed in their monthly budget.
ANSWER
filing status
Caution members that using refund anticipation loans can be a _____ way to get instant
access to their refund.
ANSWER
costly
The first choice for using a tax refund is to _____.
ANSWER
pay down debt
Other tax authorities that members must pay attention to are state income tax, property tax,
and _____.
ANSWER
self-employment quarterly taxes
, Examples of _____ are wages, salaries and tips, interest income, alimony, business income,
capital gains, pensions and annuities, other forms of income, and distributions from a
traditional IRA.
ANSWER
taxable income
Examples of ____ are child support payments, life insurance benefits paid to a beneficiary,
gifts and inheritances from parents, social security benefits, benefits from welfare, and
qualified distributions from roth IRAs.
ANSWER
non-taxable income
_____ can make a difference in the taxes paid.
ANSWER
filing status
Examples of _____ are single, married filing jointly, married filing separately, head of
household, and qualified widow or widower with dependent children.
ANSWER
filing status
Saving for retirement can also save taxes by making contributions to a _____.
ANSWER
401(k) plan
ANSWER
operating costs
A _____ tax requires a taxpayer to pay more tax as their income increases. (Federal and state
income taxes are examples)
ANSWER
progressive
A _____ tax charges the same percentage of the cost of a good or service, no matter what
the taxpayer earns. (Sales tax, gas taxes, and liquor taxes are examples)
ANSWER
regressive
Sometimes taxes are called _____.
ANSWER
fees or surcharges
A _____ could include the cost of a driver's license or a hunting license.
ANSWER
,fee
A _____ could be a gasoline tax, tobacco tax, or liquor tax.
ANSWER
surcharge
Taking care of _____ is as important for a member's financial well-being as it is to pay their
bills on time.
ANSWER
tax obligations
Any _____ from the IRS should be reviewed and dealt with as soon as possible.
ANSWER
correspondence
If you have not been able to resolve a problem with the IRS, seek assistance from the _____.
ANSWER
taxpayer advocate service.
Complex tax situations might require members to hire a _____.
ANSWER
tax professional
,_____% of taxpayers may be eligible for free tax filing assistance.
ANSWER
70
If members get a large refund, they might want to change their _____ if the money is
needed in their monthly budget.
ANSWER
filing status
Caution members that using refund anticipation loans can be a _____ way to get instant
access to their refund.
ANSWER
costly
The first choice for using a tax refund is to _____.
ANSWER
pay down debt
Other tax authorities that members must pay attention to are state income tax, property tax,
and _____.
ANSWER
self-employment quarterly taxes
, Examples of _____ are wages, salaries and tips, interest income, alimony, business income,
capital gains, pensions and annuities, other forms of income, and distributions from a
traditional IRA.
ANSWER
taxable income
Examples of ____ are child support payments, life insurance benefits paid to a beneficiary,
gifts and inheritances from parents, social security benefits, benefits from welfare, and
qualified distributions from roth IRAs.
ANSWER
non-taxable income
_____ can make a difference in the taxes paid.
ANSWER
filing status
Examples of _____ are single, married filing jointly, married filing separately, head of
household, and qualified widow or widower with dependent children.
ANSWER
filing status
Saving for retirement can also save taxes by making contributions to a _____.
ANSWER
401(k) plan
