Unit 6 Review: Income Taxes Vocabulary

What U.S. government agency is responsible for collecting income tax? Type the abbreviation.

(a)  

When is your tax return due?

If you can be claimed on your parents’ taxes, you are called a

(a)  

What types of income must be reported on your income tax return?

Adjusted Gross Income

= ______________ - ___________

If your federal withholdings were greater than your tax due, you will ___________________ when you file your tax return.

As your Taxable Income increases, the amount of Tax due increases because Income Tax rates are (a)  

A Capital Gain exists when you ______ something for _______ than you initially paid for it.

Name the statement your bank will send if you earn taxable interest.

1099- (a)  

Ms. Homer is single. In 2020 she paid $5,225 in real estate taxes and $2,800 in home mortgage interest, if this total would equal her itemized deductions, should she take her itemize deduction or use the standard deduction?