Economics of Taxation
The amount taken out of your paycheck every week is called?
What is Withholding
An annual report to the IRS summarizing total income, deductions, and the taxes withheld by employers.
What is tax return.
Difference between gross pay and deductions
What is net pay.
Professional dues, commuting expenses, uniforms, licenses and tools
What are job expenses?.
The deadline for filing taxes each year
What is April 15th?
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.
A plan that allows employees to put pre-tax wages into an account that is used to pay for qualified expenses, such as health care, child care or health or life insurance premiums.
What is a cafeteria plan?
Total job benefits - Job expenses
What is Net Job Benefits?
Social security percentage of FICA
What is 6.2%?
The tax on people's earnings.
What is individual income tax.
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.
Gross income - Adjustments to income
What is Adjusted Gross Income?
Medicare percentage of FICA
What is 1.45%
Income from wages before deductions.
What is Gross Wages.
The branch of the U.S. Treasury Department in charge of collecting taxes.
What is the Internal Revenue Service (IRS).
An amount of income that is free from tax
What is an exemption?
Adjusted Gross Income - Deductions and Exemptions
What is Taxable Income?
FICA money paid to spouses and dependent children when a Social Security recipient dies
What are survivors' benefits
The tax that the government levies on property of deceased persons
What is estate tax?
A fixed amount given to reduce taxes owed
What is standard deduction?
The 2nd largest source of revenue for states, accounting for 20% of total revenue collected.
What is sales tax.
The 2 parts of FICA.
What is social security and medicare?.
(Gross pay - total deductions)/Gross pay
What is take-home pay as a percentage of gross pay?