Taxes and Your Paycheck
File a Tax Return
Taxes and Government
Government Spending
Toss Up
100
Payroll Taxes
What are taxes placed on income earned by individuals?
100
The set of forms that taxpayers use to calculate their tax obligation.
What is a tax return?
100
Taxes that are added to the price of goods and services at the time of purchase are this type of tax.
What is sales tax?
100
The government uses these to bring in revenue and also to influence consumers' buying decisions.
What are taxes?
100
A number that reduces the amount of income withheld from your pay.
What is an allowance?
200
The law that requires workers and their employers to contribute to Social Security and Medicare.
What is FICA or Federal Insurance Contributions Act?
200
By January 31 of each year, employers must provide their workers with these as a summary of their earnings and withholdings for the year.
What is a W-2 or Form W-2?
200
When a person dies, these taxes may be paid on the property that is received by those legally entitled to the estate.
What are estate taxes?
200
Congress has, in the past, influenced or encouraged consumer spending to improve a down turn in the economy by providing these to most taxpayers.
What is a tax rebate?
200
Your employer collects payroll taxes by deducting money from your wages. Another term for this is what?
What is withholding.
300
The federal agency that collects income taxes.
What is the IRS or Internal Revenue Service?
300
Banks are required to send depositors this form to you as a statement of the interest your bank paid on your savings during that year.
What is a 1099-INT? or 1099-INTEREST
300
Taxes that the giver of gifts must pay. Federal law allows people to make some gives that are not taxed. The maximum value of untaxed gifts was $12,000 per year in 2008. However, it has increased because of inflation. The annual exclusion for 2014, 2015, and 2016 is $14,000. What is the name of this tax paid by the giver of gifts?
What is a gift tax?
300
Most of the government's spending pays for good and services that benefit all Americans. Roads, schools, national defense, and services of various regulatory agencies are examples of these.
What are public goods?
300
Sam's paycheck is written for $335.67. Her income for the pay period was $398.46. We consider the $398.46 to be this.
What is Gross income?
400
Taxes that you pay on most types of income that you receive.
What are income taxes?
400
Most young people qualify to use this for. The simplest of the federal income tax returns.
What is the 1040EZ or Form 1040EZ?
400
These taxes take a larger share of higher incomes. Federal income taxes are an example of this classification of tax for most tax payers.
What are progressive taxes?
400
Regulations like needing a building permit to build a house or needing a driver's license to operate a vehicle create order and safety in state and local communities. The taxes from these areas keep these programs running in specific jurisdictions.
What are state and local taxes?
400
Building and maintaining roads, operating fire protection and police services, maintaining a criminal justice system, building and staffing schools, building and operating state colleges and universities, supporting medical facilities, constructing and operating sewage treatment plants, and operating unemployment compensation programs are all examples of things that are provided by these governments.
What are state and local governments?
500
A form that provides the information your employer needs to determine the proper amount to withhold from your paycheck.
What is a W-4 or Form W-4?
500
When you subtract line 5 on the Form 1040EZ from your adjusted gross income, the result is this. This is the income figure that determines your taxes.
What is taxable income?
500
This tax results in items from abroad being sold at a higher price than those items not imported. These taxes are imposed to control the flow of products that are imported to the United States.
What are customs duties or tariffs?
500
This money is owed to individual American, businesses, foreign investors, and government trust funds. The amount due to them is a result of the government spending more than it received in tax revenue. The amount of this grows more and more every minute.
What is the national debt?
500
The largest portion of your federal taxes goes to fund programs that directly benefit people. These two funds account for most of that.
What Social Security and Medicare?
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