SlideShare a Scribd company logo
Chapter 7 Tax Review Personal Finance
IRS stands for….
Internal Revenue Service
List the five classifications of filing status
SingleMarried filing jointlyMarried filing separatelyHead of householdWidow(er) w/ dependent child
If you have more than $400 in interest or dividend income, what schedule do you need to file with your 1040A or 1040?
Schedule 1
To itemize deductions, you will most likely need to file a ?????
1040
Charitable contributions, medical expenses, dental expenses, some moving expenses, real estate taxes, and home mortgage interest are examples of _________ ________.
Itemized deductions
The most you can make and still file a 1040EZ is ___________.
$50,000
Taxes based on the ‘ability to pay’ principle (people with higher incomes pay more than those with lower income) are called _________________.
Progressive
Sales tax is an example of a(n) ____________ tax.
Regressive Tax
The Social Security Act of 1935 created the IRS.
Congress has the power to levy taxes.
How many tax brackets does our income tax system have at the present time?
FIVE (10% up to 35%)
What is it called when the government spends more than it receives in revenue?
Deficit
What is voluntary compliance?
…that all citizens are expected to prepare and file income tax returns.
What is an audit?
…when the IRS examines a tax return in detail.
Is child support taxable as income?
No.  It is also not deductible for the person paying it.
What does AGI stand for?
Adjusted Gross Income
What is a W-2?
…a wage and tax statement.
Chapter 7 tax review

More Related Content

Similar to Chapter 7 tax review

Income taxes
Income taxesIncome taxes
Income taxes
sruehle817
 
Looking to sell your Income properties?
Looking to sell your Income properties?Looking to sell your Income properties?
Looking to sell your Income properties?
John Fiore
 
Community tax
Community taxCommunity tax
Community tax
communitytax
 
IRS Enforced Collection Actions and Alternatives to Enforced Collection.
IRS Enforced Collection Actions and Alternatives to Enforced Collection.IRS Enforced Collection Actions and Alternatives to Enforced Collection.
IRS Enforced Collection Actions and Alternatives to Enforced Collection.
Tax Defense Network
 
Illinois Individual Income Tax Return
 	Illinois Individual Income Tax Return 	Illinois Individual Income Tax Return
Illinois Individual Income Tax Return
taxman taxman
 
HUSC 3366 Chapter 3 Taxes in Your Financial Plan
HUSC 3366 Chapter 3 Taxes in Your Financial PlanHUSC 3366 Chapter 3 Taxes in Your Financial Plan
HUSC 3366 Chapter 3 Taxes in Your Financial Plan
Rita Conley
 
Benefits Planner: Income Taxes And Your Social Security Benefits
Benefits Planner: Income Taxes And Your Social Security BenefitsBenefits Planner: Income Taxes And Your Social Security Benefits
Benefits Planner: Income Taxes And Your Social Security Benefits
hallowedblasphe76
 
Fw4
Fw4Fw4
Janatreek1
Janatreek1Janatreek1
Janatreek1
Jana Treek
 
Fw4
Fw4Fw4
Form w4
Form w4Form w4
Form w4
dallastravers
 
Non profit basics 2012
Non profit basics 2012Non profit basics 2012
Non profit basics 2012
Miriam Robeson
 
Technical Presentations #3 Non Technical Audience
Technical Presentations   #3 Non Technical AudienceTechnical Presentations   #3 Non Technical Audience
Technical Presentations #3 Non Technical Audience
karenthrelkeld
 
Itf ipp ch01_2012_final
Itf ipp ch01_2012_finalItf ipp ch01_2012_final
Itf ipp ch01_2012_final
dphil002
 
10 Overlooked Tax Deductions and How to Claim Them
10 Overlooked Tax Deductions and How to Claim Them10 Overlooked Tax Deductions and How to Claim Them
10 Overlooked Tax Deductions and How to Claim Them
Wheels For Wishes
 
Article Taxes
Article TaxesArticle Taxes
Article Taxes
martamills
 
2011 Smart and Simple Business Accounting Tips
2011 Smart and Simple Business Accounting Tips2011 Smart and Simple Business Accounting Tips
2011 Smart and Simple Business Accounting Tips
danellepbm
 
Nonprofit basics 2014
Nonprofit basics 2014Nonprofit basics 2014
Nonprofit basics 2014
Miriam Robeson
 
Top Tax Saving Strategies
Top Tax Saving StrategiesTop Tax Saving Strategies
Top Tax Saving Strategies
Aspire Tax and Accounting Services Inc
 
Tax-Free Charitable Contributions from IRAs Extended
Tax-Free Charitable Contributions from IRAs ExtendedTax-Free Charitable Contributions from IRAs Extended
Tax-Free Charitable Contributions from IRAs Extended
henryliao83
 

Similar to Chapter 7 tax review (20)

Income taxes
Income taxesIncome taxes
Income taxes
 
Looking to sell your Income properties?
Looking to sell your Income properties?Looking to sell your Income properties?
Looking to sell your Income properties?
 
Community tax
Community taxCommunity tax
Community tax
 
IRS Enforced Collection Actions and Alternatives to Enforced Collection.
IRS Enforced Collection Actions and Alternatives to Enforced Collection.IRS Enforced Collection Actions and Alternatives to Enforced Collection.
IRS Enforced Collection Actions and Alternatives to Enforced Collection.
 
Illinois Individual Income Tax Return
 	Illinois Individual Income Tax Return 	Illinois Individual Income Tax Return
Illinois Individual Income Tax Return
 
HUSC 3366 Chapter 3 Taxes in Your Financial Plan
HUSC 3366 Chapter 3 Taxes in Your Financial PlanHUSC 3366 Chapter 3 Taxes in Your Financial Plan
HUSC 3366 Chapter 3 Taxes in Your Financial Plan
 
Benefits Planner: Income Taxes And Your Social Security Benefits
Benefits Planner: Income Taxes And Your Social Security BenefitsBenefits Planner: Income Taxes And Your Social Security Benefits
Benefits Planner: Income Taxes And Your Social Security Benefits
 
Fw4
Fw4Fw4
Fw4
 
Janatreek1
Janatreek1Janatreek1
Janatreek1
 
Fw4
Fw4Fw4
Fw4
 
Form w4
Form w4Form w4
Form w4
 
Non profit basics 2012
Non profit basics 2012Non profit basics 2012
Non profit basics 2012
 
Technical Presentations #3 Non Technical Audience
Technical Presentations   #3 Non Technical AudienceTechnical Presentations   #3 Non Technical Audience
Technical Presentations #3 Non Technical Audience
 
Itf ipp ch01_2012_final
Itf ipp ch01_2012_finalItf ipp ch01_2012_final
Itf ipp ch01_2012_final
 
10 Overlooked Tax Deductions and How to Claim Them
10 Overlooked Tax Deductions and How to Claim Them10 Overlooked Tax Deductions and How to Claim Them
10 Overlooked Tax Deductions and How to Claim Them
 
Article Taxes
Article TaxesArticle Taxes
Article Taxes
 
2011 Smart and Simple Business Accounting Tips
2011 Smart and Simple Business Accounting Tips2011 Smart and Simple Business Accounting Tips
2011 Smart and Simple Business Accounting Tips
 
Nonprofit basics 2014
Nonprofit basics 2014Nonprofit basics 2014
Nonprofit basics 2014
 
Top Tax Saving Strategies
Top Tax Saving StrategiesTop Tax Saving Strategies
Top Tax Saving Strategies
 
Tax-Free Charitable Contributions from IRAs Extended
Tax-Free Charitable Contributions from IRAs ExtendedTax-Free Charitable Contributions from IRAs Extended
Tax-Free Charitable Contributions from IRAs Extended
 

More from nadinesullivan

Infographics project
Infographics projectInfographics project
Infographics project
nadinesullivan
 
Channels of distribution pp txx
Channels of distribution pp txxChannels of distribution pp txx
Channels of distribution pp txx
nadinesullivan
 
Sales promotion ppt
Sales promotion pptSales promotion ppt
Sales promotion ppt
nadinesullivan
 
Lesson 24 2
Lesson 24 2Lesson 24 2
Lesson 24 2
nadinesullivan
 
Lesson 24 1
Lesson 24 1Lesson 24 1
Lesson 24 1
nadinesullivan
 
Lesson 23 2
Lesson 23 2Lesson 23 2
Lesson 23 2
nadinesullivan
 
Lesson 23 1
Lesson 23 1Lesson 23 1
Lesson 23 1
nadinesullivan
 
Lesson 23 3
Lesson 23 3Lesson 23 3
Lesson 23 3
nadinesullivan
 
Lesson 22 4
Lesson 22 4Lesson 22 4
Lesson 22 4
nadinesullivan
 
Lesson 22 2
Lesson 22 2Lesson 22 2
Lesson 22 2
nadinesullivan
 
Lesson 22 1
Lesson 22 1Lesson 22 1
Lesson 22 1
nadinesullivan
 
Lesson 21 2
Lesson 21 2Lesson 21 2
Lesson 21 2
nadinesullivan
 
Lesson 21 1
Lesson 21 1Lesson 21 1
Lesson 21 1
nadinesullivan
 
Lesson 22 3
Lesson 22 3Lesson 22 3
Lesson 22 3
nadinesullivan
 
Lesson 20 2
Lesson 20 2Lesson 20 2
Lesson 20 2
nadinesullivan
 
Lesson 20 1
Lesson 20 1Lesson 20 1
Lesson 20 1
nadinesullivan
 
Lesson 20 3
Lesson 20 3Lesson 20 3
Lesson 20 3
nadinesullivan
 
Lesson 19 3
Lesson 19 3Lesson 19 3
Lesson 19 3
nadinesullivan
 
Lesson 19 1
Lesson 19 1Lesson 19 1
Lesson 19 1
nadinesullivan
 
Lesson 19 2
Lesson 19 2Lesson 19 2
Lesson 19 2
nadinesullivan
 

More from nadinesullivan (20)

Infographics project
Infographics projectInfographics project
Infographics project
 
Channels of distribution pp txx
Channels of distribution pp txxChannels of distribution pp txx
Channels of distribution pp txx
 
Sales promotion ppt
Sales promotion pptSales promotion ppt
Sales promotion ppt
 
Lesson 24 2
Lesson 24 2Lesson 24 2
Lesson 24 2
 
Lesson 24 1
Lesson 24 1Lesson 24 1
Lesson 24 1
 
Lesson 23 2
Lesson 23 2Lesson 23 2
Lesson 23 2
 
Lesson 23 1
Lesson 23 1Lesson 23 1
Lesson 23 1
 
Lesson 23 3
Lesson 23 3Lesson 23 3
Lesson 23 3
 
Lesson 22 4
Lesson 22 4Lesson 22 4
Lesson 22 4
 
Lesson 22 2
Lesson 22 2Lesson 22 2
Lesson 22 2
 
Lesson 22 1
Lesson 22 1Lesson 22 1
Lesson 22 1
 
Lesson 21 2
Lesson 21 2Lesson 21 2
Lesson 21 2
 
Lesson 21 1
Lesson 21 1Lesson 21 1
Lesson 21 1
 
Lesson 22 3
Lesson 22 3Lesson 22 3
Lesson 22 3
 
Lesson 20 2
Lesson 20 2Lesson 20 2
Lesson 20 2
 
Lesson 20 1
Lesson 20 1Lesson 20 1
Lesson 20 1
 
Lesson 20 3
Lesson 20 3Lesson 20 3
Lesson 20 3
 
Lesson 19 3
Lesson 19 3Lesson 19 3
Lesson 19 3
 
Lesson 19 1
Lesson 19 1Lesson 19 1
Lesson 19 1
 
Lesson 19 2
Lesson 19 2Lesson 19 2
Lesson 19 2
 

Recently uploaded

Y-Combinator seed pitch deck template PP
Y-Combinator seed pitch deck template PPY-Combinator seed pitch deck template PP
Y-Combinator seed pitch deck template PP
c5vrf27qcz
 
Deep Dive: AI-Powered Marketing to Get More Leads and Customers with HyperGro...
Deep Dive: AI-Powered Marketing to Get More Leads and Customers with HyperGro...Deep Dive: AI-Powered Marketing to Get More Leads and Customers with HyperGro...
Deep Dive: AI-Powered Marketing to Get More Leads and Customers with HyperGro...
saastr
 
“Temporal Event Neural Networks: A More Efficient Alternative to the Transfor...
“Temporal Event Neural Networks: A More Efficient Alternative to the Transfor...“Temporal Event Neural Networks: A More Efficient Alternative to the Transfor...
“Temporal Event Neural Networks: A More Efficient Alternative to the Transfor...
Edge AI and Vision Alliance
 
Dandelion Hashtable: beyond billion requests per second on a commodity server
Dandelion Hashtable: beyond billion requests per second on a commodity serverDandelion Hashtable: beyond billion requests per second on a commodity server
Dandelion Hashtable: beyond billion requests per second on a commodity server
Antonios Katsarakis
 
Energy Efficient Video Encoding for Cloud and Edge Computing Instances
Energy Efficient Video Encoding for Cloud and Edge Computing InstancesEnergy Efficient Video Encoding for Cloud and Edge Computing Instances
Energy Efficient Video Encoding for Cloud and Edge Computing Instances
Alpen-Adria-Universität
 
Overcoming the PLG Trap: Lessons from Canva's Head of Sales & Head of EMEA Da...
Overcoming the PLG Trap: Lessons from Canva's Head of Sales & Head of EMEA Da...Overcoming the PLG Trap: Lessons from Canva's Head of Sales & Head of EMEA Da...
Overcoming the PLG Trap: Lessons from Canva's Head of Sales & Head of EMEA Da...
saastr
 
AppSec PNW: Android and iOS Application Security with MobSF
AppSec PNW: Android and iOS Application Security with MobSFAppSec PNW: Android and iOS Application Security with MobSF
AppSec PNW: Android and iOS Application Security with MobSF
Ajin Abraham
 
“How Axelera AI Uses Digital Compute-in-memory to Deliver Fast and Energy-eff...
“How Axelera AI Uses Digital Compute-in-memory to Deliver Fast and Energy-eff...“How Axelera AI Uses Digital Compute-in-memory to Deliver Fast and Energy-eff...
“How Axelera AI Uses Digital Compute-in-memory to Deliver Fast and Energy-eff...
Edge AI and Vision Alliance
 
Generating privacy-protected synthetic data using Secludy and Milvus
Generating privacy-protected synthetic data using Secludy and MilvusGenerating privacy-protected synthetic data using Secludy and Milvus
Generating privacy-protected synthetic data using Secludy and Milvus
Zilliz
 
[OReilly Superstream] Occupy the Space: A grassroots guide to engineering (an...
[OReilly Superstream] Occupy the Space: A grassroots guide to engineering (an...[OReilly Superstream] Occupy the Space: A grassroots guide to engineering (an...
[OReilly Superstream] Occupy the Space: A grassroots guide to engineering (an...
Jason Yip
 
Mutation Testing for Task-Oriented Chatbots
Mutation Testing for Task-Oriented ChatbotsMutation Testing for Task-Oriented Chatbots
Mutation Testing for Task-Oriented Chatbots
Pablo Gómez Abajo
 
Your One-Stop Shop for Python Success: Top 10 US Python Development Providers
Your One-Stop Shop for Python Success: Top 10 US Python Development ProvidersYour One-Stop Shop for Python Success: Top 10 US Python Development Providers
Your One-Stop Shop for Python Success: Top 10 US Python Development Providers
akankshawande
 
How to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdf
How to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdfHow to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdf
How to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdf
Chart Kalyan
 
GNSS spoofing via SDR (Criptored Talks 2024)
GNSS spoofing via SDR (Criptored Talks 2024)GNSS spoofing via SDR (Criptored Talks 2024)
GNSS spoofing via SDR (Criptored Talks 2024)
Javier Junquera
 
Introduction of Cybersecurity with OSS at Code Europe 2024
Introduction of Cybersecurity with OSS  at Code Europe 2024Introduction of Cybersecurity with OSS  at Code Europe 2024
Introduction of Cybersecurity with OSS at Code Europe 2024
Hiroshi SHIBATA
 
What is an RPA CoE? Session 1 – CoE Vision
What is an RPA CoE?  Session 1 – CoE VisionWhat is an RPA CoE?  Session 1 – CoE Vision
What is an RPA CoE? Session 1 – CoE Vision
DianaGray10
 
Taking AI to the Next Level in Manufacturing.pdf
Taking AI to the Next Level in Manufacturing.pdfTaking AI to the Next Level in Manufacturing.pdf
Taking AI to the Next Level in Manufacturing.pdf
ssuserfac0301
 
Fueling AI with Great Data with Airbyte Webinar
Fueling AI with Great Data with Airbyte WebinarFueling AI with Great Data with Airbyte Webinar
Fueling AI with Great Data with Airbyte Webinar
Zilliz
 
Nordic Marketo Engage User Group_June 13_ 2024.pptx
Nordic Marketo Engage User Group_June 13_ 2024.pptxNordic Marketo Engage User Group_June 13_ 2024.pptx
Nordic Marketo Engage User Group_June 13_ 2024.pptx
MichaelKnudsen27
 
Main news related to the CCS TSI 2023 (2023/1695)
Main news related to the CCS TSI 2023 (2023/1695)Main news related to the CCS TSI 2023 (2023/1695)
Main news related to the CCS TSI 2023 (2023/1695)
Jakub Marek
 

Recently uploaded (20)

Y-Combinator seed pitch deck template PP
Y-Combinator seed pitch deck template PPY-Combinator seed pitch deck template PP
Y-Combinator seed pitch deck template PP
 
Deep Dive: AI-Powered Marketing to Get More Leads and Customers with HyperGro...
Deep Dive: AI-Powered Marketing to Get More Leads and Customers with HyperGro...Deep Dive: AI-Powered Marketing to Get More Leads and Customers with HyperGro...
Deep Dive: AI-Powered Marketing to Get More Leads and Customers with HyperGro...
 
“Temporal Event Neural Networks: A More Efficient Alternative to the Transfor...
“Temporal Event Neural Networks: A More Efficient Alternative to the Transfor...“Temporal Event Neural Networks: A More Efficient Alternative to the Transfor...
“Temporal Event Neural Networks: A More Efficient Alternative to the Transfor...
 
Dandelion Hashtable: beyond billion requests per second on a commodity server
Dandelion Hashtable: beyond billion requests per second on a commodity serverDandelion Hashtable: beyond billion requests per second on a commodity server
Dandelion Hashtable: beyond billion requests per second on a commodity server
 
Energy Efficient Video Encoding for Cloud and Edge Computing Instances
Energy Efficient Video Encoding for Cloud and Edge Computing InstancesEnergy Efficient Video Encoding for Cloud and Edge Computing Instances
Energy Efficient Video Encoding for Cloud and Edge Computing Instances
 
Overcoming the PLG Trap: Lessons from Canva's Head of Sales & Head of EMEA Da...
Overcoming the PLG Trap: Lessons from Canva's Head of Sales & Head of EMEA Da...Overcoming the PLG Trap: Lessons from Canva's Head of Sales & Head of EMEA Da...
Overcoming the PLG Trap: Lessons from Canva's Head of Sales & Head of EMEA Da...
 
AppSec PNW: Android and iOS Application Security with MobSF
AppSec PNW: Android and iOS Application Security with MobSFAppSec PNW: Android and iOS Application Security with MobSF
AppSec PNW: Android and iOS Application Security with MobSF
 
“How Axelera AI Uses Digital Compute-in-memory to Deliver Fast and Energy-eff...
“How Axelera AI Uses Digital Compute-in-memory to Deliver Fast and Energy-eff...“How Axelera AI Uses Digital Compute-in-memory to Deliver Fast and Energy-eff...
“How Axelera AI Uses Digital Compute-in-memory to Deliver Fast and Energy-eff...
 
Generating privacy-protected synthetic data using Secludy and Milvus
Generating privacy-protected synthetic data using Secludy and MilvusGenerating privacy-protected synthetic data using Secludy and Milvus
Generating privacy-protected synthetic data using Secludy and Milvus
 
[OReilly Superstream] Occupy the Space: A grassroots guide to engineering (an...
[OReilly Superstream] Occupy the Space: A grassroots guide to engineering (an...[OReilly Superstream] Occupy the Space: A grassroots guide to engineering (an...
[OReilly Superstream] Occupy the Space: A grassroots guide to engineering (an...
 
Mutation Testing for Task-Oriented Chatbots
Mutation Testing for Task-Oriented ChatbotsMutation Testing for Task-Oriented Chatbots
Mutation Testing for Task-Oriented Chatbots
 
Your One-Stop Shop for Python Success: Top 10 US Python Development Providers
Your One-Stop Shop for Python Success: Top 10 US Python Development ProvidersYour One-Stop Shop for Python Success: Top 10 US Python Development Providers
Your One-Stop Shop for Python Success: Top 10 US Python Development Providers
 
How to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdf
How to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdfHow to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdf
How to Interpret Trends in the Kalyan Rajdhani Mix Chart.pdf
 
GNSS spoofing via SDR (Criptored Talks 2024)
GNSS spoofing via SDR (Criptored Talks 2024)GNSS spoofing via SDR (Criptored Talks 2024)
GNSS spoofing via SDR (Criptored Talks 2024)
 
Introduction of Cybersecurity with OSS at Code Europe 2024
Introduction of Cybersecurity with OSS  at Code Europe 2024Introduction of Cybersecurity with OSS  at Code Europe 2024
Introduction of Cybersecurity with OSS at Code Europe 2024
 
What is an RPA CoE? Session 1 – CoE Vision
What is an RPA CoE?  Session 1 – CoE VisionWhat is an RPA CoE?  Session 1 – CoE Vision
What is an RPA CoE? Session 1 – CoE Vision
 
Taking AI to the Next Level in Manufacturing.pdf
Taking AI to the Next Level in Manufacturing.pdfTaking AI to the Next Level in Manufacturing.pdf
Taking AI to the Next Level in Manufacturing.pdf
 
Fueling AI with Great Data with Airbyte Webinar
Fueling AI with Great Data with Airbyte WebinarFueling AI with Great Data with Airbyte Webinar
Fueling AI with Great Data with Airbyte Webinar
 
Nordic Marketo Engage User Group_June 13_ 2024.pptx
Nordic Marketo Engage User Group_June 13_ 2024.pptxNordic Marketo Engage User Group_June 13_ 2024.pptx
Nordic Marketo Engage User Group_June 13_ 2024.pptx
 
Main news related to the CCS TSI 2023 (2023/1695)
Main news related to the CCS TSI 2023 (2023/1695)Main news related to the CCS TSI 2023 (2023/1695)
Main news related to the CCS TSI 2023 (2023/1695)
 

Chapter 7 tax review