Pay The Piper
government fees on business and individual income, activities, produces, or property that people are required to pay.
What are taxes?
An annual report to the IRS summarizing total income, deductions, and the taxes withheld by employers.
What is tax return?
The current Federal Income tax is this type of tax structure.
What are progressive taxes?
this form determines how much is withheld from one's gross pay.
What is the W-4 form?
A proportional tax on individual income after a specified threshold has been reached.
What is gross pay?
A general tax levied on most consumer purchases.
What is sales tax?
A federal health care program available to all senior citizens, regardless of income.
What is Medicare?
tax levied by a government directly on income, especially an annual tax on personal income
What is income tax?
a person you claim on your taxes
What is a dependent?
the same tax rate is paid by people at all income income levels
What is Proportional taxes?
you incur this when you don't file your taxes on time
What are late payment penalties?
The tax a corporation pays on its profits.
What is corporate income tax?
A tax on tangible and intangible possessions such as real estate, buildings, furniture, automobiles, farm animals, stocks, bonds, and bank accounts.
What is property tax?
Defense, education, transportation are some of these types of government spending
What is discretionary spending?
last day to file federal and state income tax forms or request an extension
What is April 15th?
take home pay after all deductions are made to your paycheck
What is net pay?
The branch of the U.S. Treasury Department in charge of collecting taxes.
What is the Internal Revenue Service (IRS)?
Social security, medicare, medicaid, and income security are some of these types of government spending
What is mandatory spending?
issued by employers and is an end of year summary of one's gross taxable income and withholding
What is W-2?
3 types of income tax return forms
What are 1040, 1040A, and 1040EZ?
2 ways to decrease tax liability
what are tax credit and tax deduction?
2 goods or services the federal, state, and/or local governments provide for citizens?
what are military,police, fire protection, public education, state parks, clean drinking water, street lights. etc?
Sales tax is this type of tax structure.
What is Regressive Taxes?
Month taxes forms are due
What is April?
name 2 types of deductions from your paycheck
What is federal, state, social security, medical, 401(k), or charity?