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Finance Flashcards

Personal & Family Finance Unit 5

Your adjusted gross income is your gross income minus specific deductions. True
Which type of audit occurs at your home or business? Field
In the United States, only five states currently charge sales tax on purchases. False
The United States began collecting federal income tax in which year? 1913
Estate taxes are taxes on a person’s estate when that person dies. True
All sources of income is also known as which of the following? Gross income
In the United States, if someone is unable to file by the tax deadline, they can file an extension, but any taxes due must still be paid by the deadline to avoid penalties. True
Which of these is a common tax form in the United States? 1040 EZ
Taxes are used for which of the following? Maintaining roads Parks and public cultural sites Social services “All of the above”
Income tax is the only type of tax collected in most states within the United States. False
In a progressive tax system, who pays a greater proportion of their income in taxes? Those with high incomes
Which country use tax brackets as part of their tax system? Canada Australia South Africa “All of the above”
Preparing a tax return yourself can be less expensive, but individuals not familiar with preparing taxes may miss eligible deductions and credits. True
In the United States, federal taxes and returns are due each year on May 15. False
Which agency collects taxes in the United States? IRS

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