Final Assessment
Percentage-based fees assessed by the government
What are taxes?
Which type of taxes impact the economy by reducing economic inequality?
Wealth taxes
Taxes CANNOT be imposed on
What are thoughts and ideas?
Taxes which increase as the amount being taxed increases
What are progressive taxes
policies occurs when the government adjust its spending level and tax rates to monitor and influence the economy?
What is fiscal policy?
______ taxes are levied on income, while ______ taxes are levied on goods and services
What are direct and indirect?
Social Security taxes are withheld from an individual's paycheck. True or False?
True
Which document gives Congress the power to lay and collect taxes?
The Constitution
Expenses subtracted from gross income to calculate taxable income
What are tax deductions?
Expansionary monetary policy does NOT do
Influence macroeconomics
Sales tax rates vary from state to state. True or False?
True
Standard tax deductions for an individual are ____.
Different every year
What year was the first income tax proposed, but not enacted?
1812
Reductions in tax liability
What are tax credits?
policies studies behavior of the aggregate economy?
What is fiscal policy?
A tax on tobacco
What is excise tax?
comprises an individual’s gross income?
Interest, dividend and earned income
Which amendment to the Constitution outlawed poll taxes?
24th
Adjusted gross income also known as
What are taxable income?
When were monetary and fiscal policy established?
1970s
A reduction in taxes due to children
What is tax credit?
April 15th
Internal Revenue Service acronym
What is IRS?
Interest is included in earned income? True or False
False
A detailed examination of a specific tax return by the IRS
What is a tax audit?