FiCEP Study Guide (Final)Questions & Answers(RATED A+)

operating costs - ANSWERA tax is defined as a contribution that supports the _____ of a government. progressive - ANSWERA _____ tax requires a taxpayer to pay more tax as their income increases. (Federal and state income taxes are examples) regressive - ANSWERA _____ tax charges the same percentage of the cost of a good or service, no matter what the taxpayer earns. (Sales tax, gas taxes, and liquor taxes are examples) fees or surcharges - ANSWERSometimes taxes are called _____. fee - ANSWERA _____ could include the cost of a driver's license or a hunting license. surcharge - ANSWERA _____ could be a gasoline tax, tobacco tax, or liquor tax. tax obligations - ANSWERTaking care of _____ is as important for a member's financial well-being as it is to pay their bills on time. correspondence - ANSWERAny _____ from the IRS should be reviewed and dealt with as soon as possible. taxpayer advocate service. - ANSWERIf you have not been able to resolve a problem with the IRS, seek assistance from the _____. tax professional - ANSWERComplex tax situations might require members to hire a _____. 70 - ANSWER_____% of taxpayers may be eligible for free tax filing assistance. filing status - ANSWERIf members get a large refund, they might want to change their _____ if the money is needed in their monthly budget. costly - ANSWERCaution members that using refund anticipation loans can be a _____ way to get instant access to their refund. pay down debt - ANSWERThe first choice for using a tax refund is to _____. self-employment quarterly taxes - ANSWEROther tax authorities that members must pay attention to are state income tax, property tax, and _____.