Term
Fill in the Blank:
____________ are fees that the government requires people to pay in order to live and work in their state and the USA. |
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Definition
| Taxes are fees that the government requires people to pay in order to live and work in their state and the USA. |
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Term
Fill in the Blank:
A ______________ is a person who pays taxes to federal, state, county, city, and/or town governments. |
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Definition
| A taxpayeris a person who pays taxes to federal, state, county, city, and/or town governments. |
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Term
Fill in the Blank:
A _______________ is a group of people working together for a common good. |
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Definition
| A community is a group of people working together for a common good. |
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Term
Fill in the Blank:
_____________ is money you earn from a job or get by another source over a period of time. It includes earned income like wages earned from working and unearned income like interest made on savings. |
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Definition
| Income is money you earn from a job or get by another source over a period of time. It includes earned income like wages earned from working and unearned income like interest made on savings. |
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Term
Fill in the Blank:
_________________ is a tax that a person pays on his or her earned and unearned income. |
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Definition
| Income tax is a tax that a person pays on his or her earned and unearned income. |
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Term
Fill in the Blank:
_____________ income is money earned from working. |
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Definition
| Earned income is money earned from working. |
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Term
Fill in the Blank:
______________ income is money earned from sources other than working. |
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Definition
| Unearned income is money earned from sources other than working. |
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Term
Fill in the Blank:
The Internal Revenue Service (_________) is a federal agency that is responsible for collecting taxes for the US government. |
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Definition
| The Internal Revenue Service (IRS) is a federal agency that is responsible for collecting taxes for the US government. |
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Term
Fill in the Blank:
The ______ Department of Revenue is a state agency that is responsible for collecting taxes for the state of North Carolina. |
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Definition
| The NC Department of Revenue is a state agency that is responsible for collecting taxes for the state of North Carolina. |
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Term
Fill in the Blank:
When you get a job, you will be required to complete a ________ form. This form is usually completed on your first day of work or at an employee training prior to starting work. |
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Definition
| When you get a job, you will be required to complete a W-4 form. This form is usually completed on your first day of work or at an employee training prior to starting work. |
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Term
Fill in the Blank:
A ____________ is a person who relies on another person, usually a family member, for financial support. |
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Definition
| A dependent is a person who relies on another person, usually a family member, for financial support. |
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Term
Fill in the Blank:
You must file your federal and state income taxes by April _________. |
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Definition
| You must file your federal and state income taxes by April 15th. |
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Term
Fill in the Blank:
Before completing your tax form, you will need your W-2 form from your employer. You should receive this form before _____________. |
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Definition
| Before completing your tax form, you will need your W-2 form from your employer. You should receive this form before January 31st. |
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Term
Fill in the Blank:
Your ______ form will show how much money you made and how much you paid in taxes from the previous year. |
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Definition
| Your W-2 form will show how much money you made and how much you paid in taxes from the previous year. |
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Term
Fill in the Blank:
You must pay federal and state income tax each year! Our federal income tax owed plus our state income tax owed is equal to the ____________ that we owe each year. |
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Definition
| You must pay federal and state income tax each year! Our federal income tax owed plus our state income tax owed is equal to the total income tax that we owe each year. |
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