Tax Returns

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Words List(answer : question or clue)

Income: Individual ____________ tax is the federal government’s largest source of income.
Revenue: Internal _______ Service is the government agency responsible for collecting federal income taxes
Return:  A tax ______is a report containing information used to calculate taxes owed by the taxpayer
Refund: If you didn’t make enough to file a tax return, but money was withheld, you can file a tax return so that you can get a _____
April: Filing Date for taxes is ____ 15
Single:  Filing Status  of an individuals unmarried
Jointly: Filing Status  of a couples legally married is married filing ______
Household: Filing Status  of an unmarried individuals with at least 1 dependent is head of _____
Form: A W-2____ and tax statement that shows earnings/amounts of income and taxes withheld throughout the year. These should be received by January 31 
Earned: Wages and salary are can be considered as _____ income
Unearned: Interest from savings & bonds can be considered as _____ income
Adjustments: ___ are government approved reductions in gross income 
Deduction: an amount that is subtracted from your adjusted gross income is a tax ____.
Itemized: —An allowed expense that you can deduct from your adjusted gross income is called an _____ deduction.
Standard: A _____ deduction is a fixed amount that may be deducted from adjusted gross income.
Exemption:  Amount a taxpayer can claim for each person who depends on that person’s income. (Personal= you, spouse. Dependent= child)
Tax Credit:  is an amount that is subtracted from the taxes you owe if you are eligible.  
Audit: A tax ____is a detailed examination of your tax returns by the IRS

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