Test on Thursday, Begin to study this and Vocabulary Stack for prep.
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| Personal Property tax can be taken on what types of property? | Houses, cars, boats, etc.
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| How much does the value of a gift have to be over before a gift tax is taken by the Federal government? | Over $10,000
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| Municipal bond interest is usually... | tax-exempt
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| If you are self-employed, you will be issued a penalty if you... | pay less than 90% of last year's tax liability and if you fail to pay the quarterly taxes on or before the due date for filing taxes.
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| An IRA earns money that is.... | tax-deferred
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| A person would want to use a 1040 tax return form if... | he or she takes many itemized tax deductions
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| What is a tax credit subtracted from? | taxes owed
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| What is a tax deduction subtracted from? | taxable income
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| Money that is donated to charities can be claimed as an itemized tax deduction up to what percent of person's income | 20%
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| Exclusions are not included in... | gross income
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| What are the tax planning strategies to minimize future income tax? | Consumer spending, Investment planning, Retirement planning
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| How can consumer spending be planned in order to reduce taxes? | Mortgages, business tools, travel expenses, and some educational expenses can be tax-exempt or you can claim tax deductions for those expenses. If you record these expenses accurately you can reduce your taxes.
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| How can investments help you reduce your taxes? | Municipal bond interest is tax-exempt and therefore you don't have to claim it on your taxable income and therefore reducing your total tax liability.
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| What are some ways to have a successful audit interview? | Be prepared with only the records needed in an organized system, be confident in your answers with clear and concise answers, know exactly what parts of the return are in question
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| How can you be well-prepared for this test on Friday other than studying this study stack? | Study the vocabulary stack for Ch. 5 as well.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
Mrs. Sutherland
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