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100

What is the name of the form that you must receive in order to complete your tax return?

W2

100

This type of tax is taken at the state and federal level and is the biggest contributor to tax revenue.

Income taxes

100

This principle states that those who benefit from the program should be the only ones who pay taxes into it.

The Benefits Principle.

100

What type of tax is based on the value of a person's property or individual assets?

Property taxes

100

What do we call the impact of taxes on different individuals?

The Incidence/Burden of tax

200

What is the name of the form that you must complete on the first day of employment that outlines your deductions and tax witholdings?

W4

200

This tax is mandatory and funds two different programs provided by the federal government.

Payroll taxes

200
Individual income taxes MUST be filed and submitted to the IRS by...

April 15th.

200

Who determines the value of property in a county?

County assessor

200
What type of tax provides revenue to individual states and is charged at the state and local level?

Sales tax

300

What form is used to verify your eligibility to work in the US?

I-9

300

This tax happens because you have made money from investments like stocks, generating additional personal income.

Capital gains taxes

300

What are the criteria of a "good tax"?

Simple, Efficient, and Equitable

300

This tax structure suggests that all individuals pay a flat rate.

Proportional

300

What tax provides the largest source of revenue for both the federal and state governments?

Income taxes

400

Which form is completed and submitted to the IRS to file your taxes?

1040

400

Prior to 2017, this tax rate was at 35% and is determined by the value of a company's profit (after all other administrative expenses have been deducted).

Corporate taxes

400

What are the three tax bases?

On what you earn, on what you own, and on what you buy

400
This tax structure states that as an individual's income increases, the amount of taxable income increases.

Progressive taxes

400

Which type of tax provides a majority of the revenue for county and city governments?

Property taxes

500

What form is sent to homeowners that paid more than $600 in interest on their mortgage during a year?

1098

500

This tax is based on the value of goods and services purchased by consumers and is considered a flat tax, but it may not necessarily be the most equitable.

Sales taxes

500

What is Iowa's sales tax rate?

7%

500

Property and sales taxes are considered within the structure of?

regressive taxes.

500

What are the two spending categories of the federal budget?

Mandatory and discretionary

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