a government levy (tax) imposed on individuals or entities (taxpayers) that varies with the income or profits (taxable income) of the taxpayer.
What is Income tax
100
tax on earned income
What is payroll tax
100
tax on property
What is property tax
100
is a tax on purchased goods and services
What is sales tax
100
taxes collected from the seller in the price of the of a product or service, rather than being listed separately
What is excise tax
200
two types of income are...
What is earned and unearned
200
federal government program that helps citizens retire
what is social security?
200
property tax is charged by what two government
What is local and state government
200
Sales tax funds (state, local, federal) government programs
What is state government
200
taxes on events, such as the purchase of a quantity of a particular item like gasoline, diesel fuel, beer, liquor, wine, cigarettes, airline tickets, tires, trucks, etc
What is excise tax
300
A reduction of income that is able to be taxed
What is a tax deduction?
300
helps pay for health care for senior citizens
What is medicare?
300
what does property tax help pay for?
What is local schools and other expenses
300
a percentage of your total purchase added to the original price
What is sales tax
300
This is a major component of the excise program
What is gasoline
400
Income after taxes
What is net income?
400
payroll tax helps support these two programs
What is social security and medicare
400
most property taxes are payed (annually, monthly, weekly, hourly, daily)
What is annually
400
The store owner passes the collected tax to this.
What is government
400
Items that are charged excise taxes vary depending on the
state and local area, but may include:
(list one)
What is Gasoline, Hotel rooms, Airplane tickets, Alcohol, Cigarettes,
500
income before taxes
What is gross income?
500
federal law that requires you to pay payroll tax
*****TRIPLE POINTS******
What is Federal Insurance Contributions Acts
500
the fee that is paid to license a car
What is property tax
500
These two governments have the ability to choose the amount of sales tax charged