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Unit 3, lesson 1

Review

QuestionAnswer
What are fews that the government requires people to pay in order to work and live in their state and the USA? taxes
What is a person who pays taxes to federal, state, county, city and/or town governments? taxpayer
What is a group of people working together for a common good? community
What is the money you earn over a period of time? income
What is the tax a person pays on his or her earned and unearned income? income tax
Income that is earned from working is: earned income
Income that is earned from sources other than working is: unearned income
The Internal Revenue Service is a federal agency that is responsible for collecting taxes. IRS
A state agency that is responsible for collection taxes for the state of North Carolina is: The NC Department of Revenue
What form are you required to complete when you get a job? W-4
A person who relies on another person for financial support is: dependent
You must file your federal and state income taxes by: April 15
Before you complete your tax form, you need your W-2 form from your employer by: January 31
This form shows how much money you made and how much you paid in taxes from the previous year. W-2
Our federal tax owed plus our state income tax owed is equal to: total income tax we owe
Created by: sboucher