Text Chapter 7 Vocab

Mrs. Hosler

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  1. Money collected by the government from various sources is known as _____.

    2. Your answer:

  2. Tax that increases in proportion to increases in income is a type known as _____ tax.

    3. Your answer:

  3. Money earned by individuals that is subject to taxation is called _____ income.

    4. Your answer:

  4. In order to avoid itemizing deductions, a person may elect to take the ____-, which is a flat amount allowed taxpayers depending on filing status and subtracted from adjusted gross income.

    5. Your answer:

  5. Money paid to a former spouse for that person's support is called _____.

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  6. Money paid to a former spouse for the support of dependent children is called _____.

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  7. Expenses that can be subtracted from gross income are called _____.

    8. Your answer:

  8. The amount remaining when adjustments are subtracted from gross income is called _____.

    9. Your answer:

  9. When all sources of taxable income are added together, the total is called _____ income.

    10. Your answer:

  10. An allowance, or credit, is allowed for each _____ claimed by a taxpayer.

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  11. A(n) _____ tax allows a higher-income person to pay a lower percentage of income in taxes than a lower-income person.

    12. Your answer:

  12. To intentionally fail to pay taxes owed is to commit a felony offense called _____.

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  13. A tax system that is based on _____ requires all citizens to be responsible for preparing and filing their tax returns on time and paying taxes due.

    14. Your answer:

  14. A type of tax that is based on the value of property owned is called _____.

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  15. Many people use tax preparation _____ to do their own taxes.

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  16. An administrative agency of the federal government that collects taxes and deposits taxes withheld with the Department of the Treasurey is the _____.

    17. Your answer:

  17. Allowable expenses, such as medical costs and property taxes, are called _____.

    18. Your answer:

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