Tax Practice

Many Americans use tax software to complete their tax _________________.  returns retainers resources2. I had to pay _________________ taxes. ( = taxes from previous years) ancient back previous3. That income will be taxed at a higher _________________.  rating ration rate4. A 401(k) plan is an employer-_________________ savings plan. sponsored induced censored5. You children can be considered your _________________.  deductions exemptions dependents6. You employer will __________________ anything you put into your 401 (k) plan. ( = they will put in the same amount that you do) even out equate match7. Here are some examples of filing __________________: single, married filing jointly, married filing separately, etc.  statuses states statements8. For tax __________________, you may be considered "single", even though you are actually married. goals purposes aims9. On tax forms, the most common way to refer to one's husband or wife is "__________________".  mate spouse ball-and-chain10. If you have any _________________ ( = more, extra) income, you should fill out this form. extraneous added additional1. He is _________________ ( = considered) to be self-employed.  deemed doomed damned2. You can give _________________ $13,000 yearly without having to pay the "gift tax". up to up to3. Your "_________________ income" refers to all your income from taxable sources, before any exemptions, deductions etc.  net itemized gross4. You will have to pay a 10% penalty. = a 10% penalty will be _________________. taken imposed taken off5. To deduct = To _________________  minus take subtract6. The amount of your income credit depends __________________ your income level. on of with7. Yes, you would be __________________ to make this deduction. ( = you can make this deduction legally)  allowed allotted allocated8. The fastest way to file your tax return is __________________. electrically electorally electronically9. You cannot __________________ ( = take) a deduction for contributions to a traditional IRA. request claim bring10. This limit can be carried _________________ to future years. ( = can be used in future tax returns) up over out