Review 23.1

1. List 5 characteristics of a good tax system. Why are these features desirable?
- A tax system should be fair
- Tax laws should be clear and simple.
- Taxes should be collected at a convenient time.
- A tax system should be stable.
- A tax system should be flexible.
These features are desirable because they would make doing your taxes much easier and run smoothly.
2. How does the amount of money you earn and the amount withheld determine whether you owe income tax?
- Your employer determines how much to withhold by looking at the information you provide on a w-4 form.
3. How will understanding such terms such as exemption, dependent, and deduction help you complete a tax return?
- This will help you since you can claim people you can claim on your taxes, which can in turn, help you to recieve money back.