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3: Review Your Knowledge
Earned income includes wages and salaries. Describe each. What are examples of other forms of earned income?
Identify common payroll deductions, and explain how net pay is determined.
Describe common types of employee benefits.
Describe examples of information needed to file an income tax return.
Unearned income includes dividends, capital gains, interest, and rent income. Describe each type of unearned income.
Explain how to prepare a Form 1040EZ.
Identify sources of tax information and assistance.
Explain the tax audit process.
Relate taxation to government spending.
Discuss the federal tax code.
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