Vocab 1 - Pay
A record of money earned and deductions from a paycheck?
pay stub
Surcharges or taxes on foreign goods sold in the U.S.?
Tariffs
Tax collected which is based on the value of residential and/or personal property?
property tax
Which tax is based on your yearly earnings?
income tax, sales tax, or property tax
Income Tax
Who is the U.S. government agency that is responsible for the collection of taxes and enforcement?
FBI, IRS, or CIA
IRS (Internal Revenue Services)
The money earned before taxes and deductions?
Gross Salary
Failing to pay one's taxes; it is illegal?
Tax Evasion
Tax collected and is based on the purchase price paid for goods and services?
Which tax is based on the value of your home and/or any property?
sales tax, social security tax, or property tax
Property Tax
The deadline for paying personal income tax is on ____________ of each year.
April 15th, July 1st, or October 15th
April 15th
Withholding
A federal branch of the U.S. Treasury Department that enforces tax laws and collects tax money?
Internal Revenue Service (IRS)
Tax collected and based on the yearly earnings of individuals or businesses?
income tax
In a _______________ tax, the more individuals earn, the more taxes they pay.
progressive, obsessive, or regressive
progressive
The first federal income tax was collected in 1862 to help pay the cost of the United States Civil War?
TRUE or FALSE
TRUE
The employee's pay after all taxes and other deductions have been subtracted from the gross salary?
Net (take home) Pay
A reimbursement to taxpayers who have overpaid their taxes, often due to having employers withhold too much from paychecks?
Tax Refund
A tax where ALL people pay the same amount of tax?
regressive tax
What is a faster and more convenient way to file/submit a tax return?
by mail or electronically
Electronically
Which amendment, passed in 1913, gave the government the power to impose or collect income tax?
1st, 16th, or 10th Amendment
16th Amendment
Annual report filled with local, state, or federal government detailing income earned and taxes owed?
Tax Return
A tax where the more individuals earn, the more taxes they pay?
progressive tax
What is the sales tax percent (%) for Indiana?
7%
Who is responsible for subtracting taxes from each employee's paycheck and sending it to the appropriate governments (local, state, federal)?
employer, consumer, or the bank
employer