True or False?
The largest amount of Federal tax revenue comes from Federal income taxes.
What is true?
This is the amount of money you actually take home from your paycheck
What is a net pay?
Total amount of money earned before deductions and taxes are withheld.What is economics?
What is gross pay?
Form employers use to calculate federal income tax withheld from your paycheck
What is a W-4?
These are taxes based on the sale of electronics or clothing
What is sales tax?
Gasoline included an excise tax in the listed price per gallon.
What is true?
Items that reduce the amount of tax taken from each paycheck
What are allowances?
Money received from the government at age 62 1/2 or 67.
What is Social Security?
This is commonly known as the federal tax filing deadline.
What is April 15th?
The type of tax you pay annually on a car.
What is property tax?
Retirement is a payroll deduction that is taken out of every person's paycheck.
What is false?
The money that employers hold from your paycheck to pay government taxes is called this.
What is tax withholding?
A person that is financially supported with regards to filing taxes or obtaining insurance.
What is a dependent?
You need this form from each employer to complete your federal income tax return form.
What is a W-2?
This tax system has a negative effect on low-income individuals
What is regressive?
Creating wealth is the primary purpose of taxes.
What is false? (Fund government activities is the correct answer)
This is the percentage of social security tax withheld from your paycheck.
What is 6.2%?
A type of tax where the percentage of income tax paid is not affected by individual's income level
What is proportional
This form verifies that an individual is eligible to work in the U.S.
What is a I-9 form?
This is the type of tax system used in the United States
What is progressive?
An employer is responsible for filing a tax return
What is false?
These are amounts that are subtracted from your paycheck.
What are deductions?
This is your gross income minus any adjustments for qualify items such as student loan interest.
What is adjusted gross income?
This is the tax form used when filing taxes for a savings account that has taxable interest.
What is a 1099-INT?
I have to pay this type of tax if I give someone land worth $20,000
What is a gift tax?