State Taxes
What are State Taxes?
Taxes on income earned in the state
What are Federal Taxes
Taxes taken on the annual earnings of individuals, corporations, trusts, and other legal entities
FICA Stands For
Federal Insurance Contributions Act
What do you do to file your taxes?
send a form to the government, which calculates how much you owe in taxes and how much you have already paid
What is the dead line for filing tax returns
April 18
# of Tax Brackets in Kansas
3
What are 2 forms of taxable income
wages, whether by salary or hourly pay, Business income or income from operations, Pensions and other forms of retirement benefits, unemployment benefits, sick pay and other forms of fringe benefits, self-employment income
What are FICA Taxes
Taxes withheld from paychecks used to fund the Social Security and Medicare programs
What is a tax return?
A form used to file income taxes
What are regressive taxes?
As the income goes up, the tax rate goes down
What is one state with no income tax
Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, Wyoming
From what type of tax does the federal government get its largest share?
Income Tax (47%)
How many estimated workers are covered under Social Security
Estimated 171 million
What form(s) does your employer send you to file your taxes
What are some reasons to e-file your tax return
Fastest way to get a refund, Secure, Convenient and safe, fast acknowledgment, free, several options for making payments
Name something that the State Income Tax gives more money towards?
public programs, basic government functions, public roads, job creation, education
No federal estate taxes are paid until the value of the estate exceeds..
5,000,000
Who contributes to the FICA Fund and Medicare Program
Both the Employee and the employer contribute
When filing your income tax what is the person called who you support financially?
A dependent
Who controls the tax code
Congress
What are the approaches to taxing residents or workers
No tax income at all, Flat Tax, Progressive tax
What is Excise tax
Taxes on tobacco, alcohol, firearms
As an employee pays 7.65% of...
Your gross salary to the limit of the law
What is the IRS?
The federal agency that collects income taxes
What is the average tax refund as of 2022
$3,473