1. List 5 characteristics of a good tax system. Why are these features desirable?
*Tax system should be fair; everyone should pay his or her fair share.
*Tax laws should be clear and simple.
*Taxes should be collected at a convenient time when most people are able to pay.
*A tax system should be stable.
*A tax system should be flexible
Not everyone agrees to the tax system, and having these would make people happier.
2. How does the amount of money you earn and the amount withheld determine weather you owe income tax?
*If your employer withheld more money from your paychecks than you owe, you’ll get a tax refund. If they didn’t withheld enough then you’ll have to pay the difference.
3. How will understanding such terms as exemption, dependent and deduction help you complete a tax return?
*That way you’ll know how to understand the tax forms.
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