One
Two
Three
Four
Five
100
________________________ is a type of tax that is added to the price of goods or services at the time of purchase.
What is Sales Tax
100
______________________- expenses you can legally subtract from your income before calculating your taxes
What is Deductions
100

The three main categories under mandatory spending

What is Social Security, Medicare, and Medicaid

100
What is gross income?
What is the amount of income you earn BEFORE TAXES are taken out
100
What is net income?
What is the amount of income your receive AFTER TAXES are taken out.
200
________________ refers to taxes you pay on most types of income you receive. This is NOT a fixed percentage of income and ranges from 10%-35%
What is Income Tax
200

Who receives the largest part of its revenue from income taxes?

What is Federal Government

200
Your employer collects payroll taxes by deducting or _________________ your money from your wages. Income withheld from your paycheck goes to prepay your federal income tax and social insurance tax.
What is Withholding
200

Things like charitable donations (that you will not be taxed on) would be an example of

What is a tax credit

200

_________________ is a tax placed on income earned by individuals. The amount paid is based on a person's total earnings.

What is Income Tax

300

I am received in January, There is one of me for every job I work, You can tell how much you earned and how much you paid in taxes by reading me

What is a W-2 Form

300
Explain Progressive Tax.
What is The more someone makes, the greater percentage will be taken.
300
  • I am completed every April
  • Anyone can use me
  • Beware, there is a LOT to fill out

What is form 1040

300

What is the basic tax form used to file federal income taxes?

What is form1040

300

What are the four ways to file your taxes (Hint: Married Filing Jointly)

What are: Single, Married Filing Joint, Married Filling Single, and Head of Household

400

This type of tax is unfair towards lower income individuals

What is Regressive Tax

400
________________ is the law that requires workers and their employers to contribute to Social Security & Medicare.
What is FICA or Federal Insurance Contributions Act
400
What do property taxes get used on?
What is Used by local governments & school districts
400

What is one reason the gov't collects taxes out of each paycheck as opposed to sending a bill at the end of the year?

What is: People are more likely to pay their taxes & Spreads out payments to make it more manageable.

400

What kind of income tax system do we have in the US

What is progressive

500

Explain Proportional Tax

What is Takes the same share of all incomes. Example: All ppl are taxed at 10%

500

The box(es) on a W2 that shows total income

What are boxes 3 & 5

500

The code D in box 12 on a W2 stands for

What is Individual Contribution to a retirement or insurance plan

500

Deadline for employers to mail W-2s to their employees (either by paper or electronically)

What is January 31st.

500

How many tax brackets do we have in the United States

What is 7

600

What is an example of a Regressive Tax?

What is sales tax. (Or any other tax that is the same for everyone regardless of income.)

600

This is the federally funded insurance for people of retirement age

 What is Medicare

600
What is the difference between mandatory and discretionary spending?

Mandatory: required by law

Discretionary: spending that is left up to the decision of the president and Congress

600

What day are taxes due each year?

What is April 15

600

What is the largest category in discretionary spending?

What is military spending

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