Tax Structures
A type of flat tax paid at the time of purchase.
What is Sales Tax?
The government agency that collects money for the federal government.
What is the Internal Revenue Service (IRS)?
A form of credit, which is borrowed money.
What is a Loan?
What must a person be doing to qualify for unemployment benefits?
What is Actively Looking For Work?
What is a Credit Score?
Taxes removed from a paycheck, designated to the Federal government, State, or both.
What is Income Tax?
What each taxpayer must complete anually.
What is a Tax Return?
When paying back a loan, you also accrue this.
What is Interest?
A mandatory temporary leave of absence where the employee is expected to return to work or to be restored from a reduced work schedule.
What is a Furlough?
This is a good thing for a young person to have in order increase their credit score.
What is a Credit Card?
When the tax rate is the same for all taxpayers.
What is a Flat Tax?
This is designed to help retired citizens, children who have lost parents, and people with disabilities.
What is Social Security?
The amount of interest charged per year.
What is APR?
The temporary unemployment of workers moving from one job to another.
What is Frictional Unemployment?
These are two forms you fill out and receive back from your employer at the beginning and end of each year; they contain information about your tax withholdings and how much in taxes you have paid that year.
What are the W4 and W2?
When the percentage of taxes decreases as income decreases.
What is a Regressive Tax?
The name for national health insurance.
What is Medicare?
The name for a person who assumes responsibility for the debt if you fail to repay a loan.
What is a Cosigner?
Unemployment resulting from an economic recession; when the economy is scaling back.
What is Cyclical Unemployment?
These are two less common types of taxes we have learned about.
What are Estate and Gift Taxes?
When a person's taxes increase as their income increases.
What is a Progressive Tax?
Where does the right for the government to tax come from?
What is the U.S. and State Constitutions?
The amount of time you are given before beginning payments on a loan.
What is the Grace Period?
The type of unemployment where Charlie Bucket's dad gets laid off because the toothpaste machine replaces him.
What is Structural Unemployment?
Two ways an individual could reduce their taxable income.
What are Exemptions and Deductions?