Taxable Income

You use this form to file your taxes.

• W-2

• W-4

• 1040

• 1099

This is money subtracted from your gross income.

• tax deduction

• tax credit

Who can claim the standard deduction?

• Everyone

• People Under 19

• Full-time students under 24

• 65 & older

Cooperating with paying taxes is called

• tax cooperation

• being reasonable

• voluntary compliance

• tax submission

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5

If someone has received additional income, he or she should report it on

• Schedule A

• Schedule 1

• Schedule B

• Schedule 2

Interest and income from dividends should be reported on

• Schedule A

• Schedule 1

• Schedule B

• Schedule 2

The amount you are responsible for paying in taxes is called your

Deductions (both standard and itemized) are expenses that lower your

• taxable income

• gross income

• net income

• marginal income

Select three deductions that taxpayers can use to lower the amount of their income that is subject to paying taxes. *This isn't on the vocab, but you would have read it in the text or learned it from the U.S. Tax System assignment.

• business expenses

• student loan interest

• medical expenses

• birthing a new child

Tax _______ is lying on a tax form in an attempt to not pay the full amount of taxes owed.

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5