Taxes
This place acts as a messenger for collecting sales tax from the customer
The stores
This tax primarily funds public schools and libraries.
Property Tax
This type of tax is for things that are very expensive and non-essential.
What is luxury tax?
Taken from a paycheck, but it is for 2 specific progams?
What is payroll tax?
This type of retirement is taxed now.
Roth IRA
This best describes a government financial inspection of someone's total expenses and income.
What is an audit?
This type of tax is split between the employer and the employee
What is payroll tax?
The government agency in the United States that is responsible for collecting federal income taxes.
What is the Internal revenue Service?
This help pay for health care for older people.
What is Medicare
This is like a savings account for retirement.
What is Social Security?
A serious crime committed when someone intentionally tries to avoid paying their taxes?
What is tax evasion?
When a state decides that essential items like groceries or prescription medicine will not have sales tax charged on them, those items are considered
What is Tax-exempt?
The amount of money taken out of your paycheck by your employer to cover taxes.
what is withholding?
This is money before taxes are removed from your pay.
What is Gross pay?
The amount of your income that is actually subject to being taxed after all deductions and exemptions.
What is taxable income?
This person relies on a taxpayer for support
A dependent
The lottery is considered this type of tax.
What is a regressive tax?
This is the money after taxes are removed.
What is net pay?
This type of tax is _______ because it taxes all the people the same rate.
What is flat tax?
This type of tax is for things the government think are not goof for you.
What is excise tax?
This is a tax system where higher earners pay a larger percentage of their income in taxes
What is a progressive tax system?
This type of tax is considered ____________ because it impacts the poor more than the wealthy. Things like the lottery fall into this category.
What is a regressive tax?
This is the profit you make from selling an asset, like a stock or a piece of property.
What is Capital Gain?
This type of property is anything permanently attached to it.
Real Property
Social Security and Medicare is funded by this type of tax.
What is payroll tax