Succeeding in the World of Work

Section 1: All About Taxes

After You Read Section Review Answers

Review Key Concepts

1. Characteristics include able citizens paying their fair share, clear and simple rules, collection at a convenient time, flexibility, and higher income earners paying a higher percentage of tax. Reasons include fairness and realism.
2. The amount of money you earn determines the amount of taxes you owe. If the amount of money withheld is less than what you owe, additional payment is due.
3. Form W-2 and statements of interest from your bank.

4. In their paragraphs, students might suggest that paying a professional will ensure that the taxes are filed properly and that all possible benefits are taken advantage of.
5. Answers will vary, but might depend on one's income or how much he or she shops locally.