taxes

Question 1

implies the more you earn, the more you pay

what we have in US

Answer 1

progressive tax

Question 2

1913

collected people’s money from paychecks

Answer 2

federal income tax

Question 3

take a certain % out of paychecks

aka flat tax

Answer 3

federal income tax

Question 4

sales tax in pennsylvania

Answer 4

6%

Question 5

the more you earn, the less you pay

social security

Answer 5

regressive tax

Question 6

pay to local authority and schools

Answer 6

property taxes

Question 7

taxed higher bc they aren’t good for you

Answer 7

sintax

Question 8

file tax forms to find out if you payed too much
breaking even
didn’t pay enough

Answer 8

federal taxes

Question 9

tax day

Answer 9

april 15th

Question 10

day employer must get you forms by law

Answer 10

january 31st

Question 11

withholding allowance

tells boss how much money to take out of paycheck

Answer 11

W4

Question 12

wage and tax statement from employer. shows gross payment
due by january 31st
box 1 and 2

Answer 12

W2

Question 13

how much you earned (income)

Answer 13

box 1

Question 14

how much federal tax was taken out of income

Answer 14

box 2

Question 15

interest income statement

recieve if you earn over $600

Answer 15

1099

Question 16

responsible of someone else

Answer 16

dependent

Question 17

exempt from income tax

Answer 17

exemption

Question 18

dollar amount fixed by law that you can deduct

Answer 18

standard deduction

Question 19

income on which your tax is figured out

Answer 19

taxable income

Question 20

your responsibility as american citizens to file as accurately as possible

Answer 20

voluntary compliance

Question 21

investigation into your finances

prove everything on tax forms

Answer 21

audit

Question 22

a required payment to a local, state or national gov

Answer 22

tax

Question 23

income received by a gov from taxes and nontax sources

Answer 23

revenue

Question 24

income, property, good or service that is subject to a tax

Answer 24

tax base

Question 25

tax on a persons income

Answer 25

individual income tax

Question 26

tax on the dollar value of a good or service being sold

Answer 26

sales tax

Question 27

tax on the value of a property

Answer 27

property tax

Question 28

tax on the value of a company’s profits

Answer 28

corporate income tax

Question 29

a tax for which the percentage of income paid in taxes remains the same for all income levels

Answer 29

proportional tax

Question 30

a tax for which the percentage of income paid in taxes increases as income increases

Answer 30

progressive tax

Question 31

a tax for which the percentage of income paid in taxes decreases as income increases

Answer 31

regressive tax

Question 32

the final burden of a tax

Answer 32

incidence of a tax

Question 33

taking tax payments out of an employees pay before he or she receives it

Answer 33

withholding

Question 34

form used to file income taxes

Answer 34

tax return

Question 35

income on which tax must be paid | total income minus exemptions and deductions

Answer 35

taxable income

Question 36

set amount that you subtract from your gross income for yourself, your spouse, and any dependents

Answer 36

personal exemption

Question 37

variable amounts that you can subtract or deduct from your gross income

Answer 37

deductions

Question 38

taxes that fund social security and medicare

Answer 38

FICA

Question 39

old age, survivors, and disability insurance

Answer 39

social security

Question 40

a national health insurance program that helps pay for health care for people over age 65 or with certain disabilities

Answer 40

medicare

Question 41

a tax on the estate, or total value of the money and property of a person who has died

Answer 41

estate tax

Question 42

a tax on money or property that one living person gives to another

Answer 42

gift tax

Question 43

a tax on imported goods

Answer 43

tariff

Question 44

the use of taxation to encourage or discourage certain behavior

Answer 44

tax incentive