Your Paycheck
Tax Returns
I'm the Taxman
Taxes
Big Bad Government
100
Amount you receive before taxes are withheld
What is Gross Income?
100
All the wages, tips and interest on which you pay taxes.
What is Taxable Income?
100
Federal agency responsible for collecting income taxes.
What is the Internal Revenue Service?
100
Tax added to the price of goods and services at the time of purchase.
What is Sales Tax?
100
Goods and services provided by the government that benefit all Americans
What is Public Goods?
200
A form you fill out to provide information your employer needs to determine the proper amount to withold from your paycheck.
What is Form W-4
200
The simplest of the basic tax forms.
What is form 1040EZ?
200
Federal law that requires workers and their employers to contribute to Social Security and Medicare.
What is FICA?
200
Tax on the value of real estate property
What is Property tax?
200
Tax that take a larger share of higher incomes
What is Progressive Tax?
300
Amount you receive after withholdings are subtracted from you gross pay.
What is Net Income
300
Set of forms that taxpayers use to calculate their tax obligation.
What is Tax Return?
300
A unique number assigned by you by the federal governments.
What is Social Security Number?
300
Tax collected on the sale of specific goods and services such as alcoholic beverages, tobacco, and gasoline
What is Excise Tax?
300
Tax that takes a smaller share of higher incomes than of lower incomes.
What is Regressive Tax?
400
Employer deductions from employees' earnings to pay employees' taxes
What is Withholding?
400
For tax purposes, the people you support financially.
What is Dependents?
400
Two ways that the government receives money.
What are taxing and borrowing?
400
Tax on property received by the legal heirs when someone dies.
What is Estate Tax?
400
Tax that takes the same share of all incomes.
What is Proportional Tax?
500
A number you calculate on the W-4 form that reduces the amount withheld from your pay.
What is Allowance?
500
A statement of the interest your bank paid on your savings that year.
What is form 1099-INT?
500
The amount of money you recieve if your employer withheld more taxes than you owe.
What is Refund?
500
Tax imposed on some imports.
What is Customs duty or Tariff.
500
There are six major areas where your tax dollars are spent. Name three of them?
What are 1.Social Security, Medicare, and other retirement programs 2.National Defense, Veterans, and Foreign Affairs 3.Social programs (Medicaid, food stamps, unemployment compensation, soecial services) 4.Net interest on the debt 5.Physical, human, and community development6.Law enforcement and general government
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