Financial Portfolio

Taxes Assessment

Define the following.

Gross Income- The amount of money earned before taxes or other deductions.

Net Income- the amount after taking from the gross income.

Filing Status- It determines what type of tax return form a person uses when filing taxes.

Exemption- To be tax exempt means you are free from paying most taxes.

Deduction- this lowers the tax amount needed to pay.

Dependent- A person other than the taxpayer that entitles the taxpayer to claim a dependency exemption.

Social Security- Something that can be used to assist those with little to no income.

Medicare- Free insurance for those age 65 or older.

Refund: Fill in the blanks

Taxpayers receive refunds when their total tax payments are more than the total tax.
Refunds are granted by the the IRS
Taxpayers must pay the government when the total tax is less than their total payments.

Short answer
List two ways you can receive your refund.
1. Pay more taxes than needed.
2. Tax refund anticipation loan.

List two ways you can pay taxes owed.

1. Online.
2. By phone

What does the federal government use taxes for?

Improve technology. Hospital funding.
Funding schools, police stations, similar things.

What do states use taxes for?

Building or repairs.
Why should you file your taxes? What happens if you don’t?
Because the government makes you and if you don’t they take everything from you.

Any questions that went unanswered or were incorrect should be discussed with a staff member & additional
work may be required until the student is able to answer on their own.

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