Which of the following is not true concerning Income Tax Refunds?
It is advantageous to receive a large sum of money in the form of a refund so that you can use the money to pay down debt.<3
You are essentially giving the government an interest–free loan.
It means that you are having too much deducted from your paycheck.
You haven't properly evaluated your personal tax circumstances.
When claiming dependents, they must meet the following criteria EXCEPT:
the dependent must be a relative.
the dependent must reside with you for the entire year.<3
the dependent must be under nineteen years of age unless he or she is a full–time student (under 24 years old).
the dependent was unable to provide over half of his or her support for the year.
If you opt to put money in a medical flexible spending account rather than trying to amass enough medical expenses to itemize on your tax return, you are taking advantage of _____.
a credit
a holding
a deduction
an exclusion<3
A form of taxation in which everyone pays an equal rate of taxes is called a _____.
progressive tax
regressive tax
flat tax<3
net tax
A form of taxation in which the highest income earner pays the largest percentage of taxes is called a _____.
progressive tax<3
regressive tax
flat tax
net tax
A form of taxation in which the lowest income earners pay the largest percentage of taxes is called a _____. ()
progressive tax
regressive tax<3
flat tax
net tax
Which of the following is not considered part of your gross income?
Everything of value you received during the year
Bartered goods and services<3
Everything of value of that you received from April 15th to December 31st
Money you win on a game show
Which of the following is not true about your adjusted gross income?
It is your income minus deductions
It is your income plus your deductions<3
It determines whether you are eligible for additional tax breaks
It is your gross income minus deductions
Which of the following is true about standard deductions?
They are tax breaks that you can claim without having to itemize
They are listed just above the total taxable income on the 1040 tax form
They reduce your tax bill rather than your taxable income<3
You must itemize in order to take advantage of this deduction
A dollar–for–dollar reduction in your tax payment is called a _____. flat tax
credit<3
debit
It is advantageous to receive a large sum of money in the form of a refund so that you can use the money to pay down debt.<3
You are essentially giving the government an interest–free loan.
It means that you are having too much deducted from your paycheck.
You haven't properly evaluated your personal tax circumstances.
the dependent must be a relative.
the dependent must reside with you for the entire year.<3
the dependent must be under nineteen years of age unless he or she is a full–time student (under 24 years old).
the dependent was unable to provide over half of his or her support for the year.
a credit
a holding
a deduction
an exclusion<3
progressive tax
regressive tax
flat tax<3
net tax
progressive tax<3
regressive tax
flat tax
net tax
progressive tax
regressive tax<3
flat tax
net tax
Everything of value you received during the year
Bartered goods and services<3
Everything of value of that you received from April 15th to December 31st
Money you win on a game show
It is your income minus deductions
It is your income plus your deductions<3
It determines whether you are eligible for additional tax breaks
It is your gross income minus deductions
They are tax breaks that you can claim without having to itemize
They are listed just above the total taxable income on the 1040 tax form
They reduce your tax bill rather than your taxable income<3
You must itemize in order to take advantage of this deduction
credit<3
debit
