T/F- You must file a tax return in order to receive a refund of any tax witheld during the year
t
T/F- It possible to have a refund directly deposited into an individuals checking or savings account
t
T/F- it is wise to use the deduction method that results in a larger allowable deduction because it will lower the taxable income and taxable liability
t
T/F-a capital loss occurs whenever an asset is sold for more than its original cost
f
T/F-tax credits are typically a better credit than deductions because tax credits takeoff the amount of money we owe directly from taxable income
f
T/F- the tax year typically runs from January 1 to December 1
f
T/F- To receive the child tax credit, the child must be under the age of 17
t
T/F- taxes are generally and typically due on April 1st
f
T/F- it is ethcial and legal to minimize your tax bill to the least amount as possible as long as you follow all federal tax laws
t
T/F- Taxpayers themselves must accept primary responsibility for the accuracy of their returns regardless of who fills out the tax return
t
T/F- if we owe more money in tax liability than payments that we made throughout the year we will be receiving a refund after filing our tax return
f
T/F- it is possible for a person to take money that they would be receiving as a refund for the next year
t
Married couples who combine their income and allowable deductions and file one return ___________________
married filling jointly
Married couples that file his or her own return reporting only his/her income, deductions, exemptions_________________
married filling separately
Unmarried and pays more than half of the cost of keeping up a home for himself or herself and has an eligible dependent or relative________________
head of household
Unmarried or legally separated from their spouses by either a separation or final divorce decree______________
single
a person whose spouse died within 2 years of the tax year and supports a dependent child, may use joint return tax rates, and is eligible for the highest standard deduction______________
qualified widow or widower with dependent child
What are we liable to pay taxes off of our taxable income is known as
tax liability
Our tax structure in which the larger the amount of taxable income, the higher the rate it is taxed is known as
Progressive Tax Structure
A capital ________ occurs when an asset is sold for more than its original cost
gain
the ________ has the responsibility for administering and enforcing federal tax nlaws
IRS
The tax year typically runs through __________
Jan 1- Dec 31
The standard deduction amount that a single filer can take _________
12,950
The standard deduction amount that a married filing jointly couple can take is-_______
25,900
