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Unit 1 Taxes

QuestionAnswer
__________is the knowledge, skills, experience, and personal attributes that make someone valuable in the workforce. Human capital
Higher education usually leads to _________ income and ___________ unemployment rates. higher; lower
___________ pay is the amount before deductions, _______ pay is after deductions Gross; net
A sudden, unexpected increase in income is called __________________ income. windfall
Earned from actively participating in a job or business is called ___________ income. active
Examples of ______________ income include rental income, stock dividends, royalties from intellectual property, and interest from savings accounts passive
Payments made by a company to its shareholders is called _______________ income. dividend
Earnings from a savings account is called ______________ income interest
Freelance work as graphic designer is an example of ____________________ income. self-employment
True or False: Child support payments are non-taxable income. True
True or False: Employer contributions to health spending accounts is non-taxable income. True
True or False: Bonuses received in cash, salary increases, and sales commissions are all considered taxable income. True
True or False: Financial gifts received from friends or family are non-taxable income for the recipient. True
True or False: Life insurance death benefit proceeds for beneficiaries is non-taxable income. True
A form employers must provide to employees shortly after year-end to report annual income and withholding for the employee's tax return is called a _________. W-2
A form to verify identity and work authorization of employees is called ________. I-9
A form to tell your employer how much federal income tax and state tax to withhold is called a __________. W-4
When must Section 1 of the I-9 Form be completed? On or before the first day of work
True or False: U.S. Passport Card, Permanent Resident Card or Alien Registration Receipt Card, Federal or State issued identification cards are all accepted documents for I-9 verification. True
What happens if too little tax is withheld according to your W-4 form? You may have to pay a tax bill when filing your return.
When should you consider updating your W-4 form? When you have major life changes or a new job.
What is FICA used to fund? Social Security and Medicare
Who pays FICA taxes? Employers and employees
Which tax withholdings typically appear on a W-2 form? federal, state, Social Security, and Medicare taxes
Who do you give your completed W-4 to? your employer
What is the primary purpose of Form 1040? Report annual income and calculate federal income tax
Which form is used to report income not from wages? Form 1099
What type of income does Form 1099-INT report? interest income
Who uses Form OR-40 to report income? Full-year residents of Oregon
The purpose of _______ _____________ is to provide detailed information on income, deductions, and credits tax schedules
What is required to be provided by employers by January 31st each year? Form W-2 and Form 1099
Taxable income, tax deductions, exemptions, and expenses are defined by the tax laws as passed by ___________ and signed into law by the U.S. president. Congress
The responsibility for implementing tax legislation, interpreting tax law, ensuring taxpayers’ compliance with the law, and collecting the income tax is given to ________________. the Internal Revenue Service (IRS)
The federal income tax is designed to ensure that taxpayers with higher taxable incomes pay a _______________ percentage rate than do taxpayers with lower taxable incomes. larger
True or False: Interest earned from savings accounts, CDs, and bonds is taxed as ordinary income by both the federal government and the state of Oregon. True
What is the tax rate for ordinary dividends? taxed as ordinary income
What is the federal standard deduction for a single filer in 2025 $15,000
How does the Oregon Earned Income Credit (EIC) for ITIN filers differ from the federal EITC? Oregon allows claims using ITINs.
What does the Oregon Surplus Credit (the Kicker) return to taxpayers? Refundable money when revenue exceeds forecast.
This is a U.S. federal tax credit designed to help students pay for qualified education expenses during their first four years of post-secondary education American Opportunity Tax Credit (AOTC)
This is a nonrefundable federal tax credit that helps pay for qualified education expenses for post-high school education, including undergraduate, graduate, and professional courses, as well as courses taken to improve job skills. Lifetime Learning Credit (LLC)
True or False: The Earned Income Tax Credit (EITC) is a refundable tax credit for low- to moderate-income working people that can reduce the taxes they owe True
True or False: The Earned Income Tax Credit (EITC) is a refundable credit, the EITC can provide a refund even if it's more than the amount of tax a person owes. True
True or False: The Earned Income Tax Credit (EITC) is a credit where the amount and eligibility depend on a person's income, marital status, and number of qualifying children. True
The Oregon Kids Credit is a refundable state tax credit for low-income families with children younger than____. six
The Child Tax Credit is for per qualifying child under the age of ______. seventeen
What are the three main sources of federal tax revenue? Individual income taxes, payroll taxes, corporate income taxes
The purpose of federal taxes is to fund _________________. public services and infrastructure
This is a tax on specific goods, such as gasoline, alcohol, and tobacco. Excise tax
. What is the exemption limit for the federal estate tax in 2025? $13.99 million per individual or 27.98 million per couple
What type of tax takes a larger percentage from high-income groups compared to low-income groups? progressive tax
What type of tax is applied to the transfer of property after someone's death? estate tax
What type of tax is typically the largest single tax bill for homeowners? property tax
Which tax is used in Oregon to support transportation infrastructure, such as state highways and bridges? gas tax
What is the marginal tax rate for taxable income over $125,000 in Oregon? 9.9%
What is a common purpose for revenue generated from the property tax? to fund schools
True or False: Most states, including Oregon, collect state income tax to fund their government services. True
Most states (including Oregon) have a _________________income tax, which means tax rates increase as income increases, typically resulting in higher taxes for higher wage earners graduated (or progressive)
What is the deadline for filing your federal income tax return? April 15
Who is required to file an income tax return in the United States? All US citizens and residents who receive any income.
What happens if you do not file your taxes on time? You may face penalties and fines.
An ________ is a number for tax reporting used by undocumented workers and others without a Social Security Number. ITIN (Individual Tax Identification Number )
To verify that tax returns are accurate and prevent fraud, the IRS may conduct an _________> audit
True or False: The IRS has a website that allows you to file for free and have your refund direct deposited into your own account at a bank or credit union. True
True or False: Billionaires, such as Jeff Bezos or Elon Musk, pay zero in Social Security tax for every dollar they make after $176,100. True
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