Friday, February 22, 2008

Chapter 23 section 1

-List the five characteristics of a good tax system. Why are these features desirable? Assemble your records, get the forms, conceder online forms, take your time, and keep a copy.
- How do the amount of money you earn and the amount withheld determine whether you owe tax income? A form that shows you how much you earned from working and made from other sources, it also shows you how much tax you owe.
-How will understanding such terms as exemption, dependent, and deduction help you complete a tax return? Exemption /Fixed amount of money that is excused from taxes and the dependent is some one whom you support such as a child. Deduction/ an expense that you are allowed to subtract from your income also includes like medical or business expenses

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