Types of Taxes
You have to pay this every time you purchase something.
Sales Tax
This feature allows your paycheck to go directly into your bank account instead of recieving a paper check.
Direct Deposit
This is a child or a relative that you financially support.
Dependent
When you overpay your taxes, you are entitled to this.
Refund
At what age can a person no longer be claimed as a dependent, even if they are a full-time student?
24
This "sin tax" is added to products that the government fells should be discouraged, like alcohol and tobacco.
Excise Tax
Money deducted out of your paycheck for things like taxes, employer sponsored health insurance, and retirement.
Withholdings
This amendment to the U.S. Constitution gave Congress the power to collect income taxes.
16th Amendment
This type of government spending is entirely up to Congress; and not mandated by legislation.
Discretionary Spending
This is your filing status if you are not married but have dependents in which you provide at least 50% of expenses for.
Head of Household
This is a tax on investor gains after they sell the asset.
Capital Gains Tax
This form is completed and turned into your employer to help them determine what % of your gross pay will be withheld for income taxes.
W-4 Form
If the IRS suspects that your taxes are have been done incorrectly or you haven't paid your fair share, they will do this.
Audit
This type of spending, like on Social Security and Medicare, are enforced by legislation and not up for debate in the government's budget.
Mandatory Spending
Money you get from grandma as a birthday gift is this kind of income.
Often referred to as the death tax, this is a payment when property is transferred after someone's death.
Estate Tax
This is the amount of money you end up with after withholding and taxes.
Net Pay
This is the form you submit when filing taxes to see whether you are entitled to a refund or if you owe taxes.
1040
This agency collects taxes.
Internal Revenue Service (IRS)
This is a specific dollar amount that reduces the amount of income on which you're taxed.
Standard Deduction
Sales taxes, Property taxes, and Sin taxes are all this, because the more people make, the less % of their income it is.
Regressive Tax
Garnishments like child support are deductions that have been mandated by who?
The Courts
What date is usually Tax Day?
April 15
These are the two primary payroll taxes United States citizens have withheld in their paycheck.
Medicare and Social Security
$15,750 is this for a filer that is single or married filing separately
Standard Deduction
This Blade actor faced significant tax troubles after not filing returns for several years. He served nearly three years in prison for tax evasion after claiming he didn't legally need to pay taxes.
Wesley Snipes
The Colombian singer couldn't shake off her financial issues in Spain, where authorities alleged that she didn’t pay taxes despite living there for part of each year.
Shakira
Richard Hatch recently came out claiming that producer Mark Burnett failed to pay his taxes to cover up for controversies on set of this reality competition; which Hatch won season 1; of which there are currently 49.
Survivor
This Academy Award winning actor had millions in unpaid taxes, forcing him to sell several properties and collectibles to repay his debt. Perhaps he should have sold the Declaration of Independence when he had the chance.
Nicolas Cage
This rapper and Fyre Festival organizer served 28 months in federal prison for failing to pay taxes on over $3 million in income earned between 2004 and 2006. Guess he wasn't 'Livin' it Up'.
Ja Rule
The first direct tax on American colonists in 1765.
Stamp Act
This document, signed in 1215, limited the power of England's king to levy taxes on his baron.
Magna Carta
A major rebellion was caused by Alexander Hamilton's excise tax on this.
Whiskey
In medieval England, what delictable fish was used as a form of tax payment by the poor, often for rent?
Eel
In 1696, Parliament in England introduced a tax that charged households based on how many of these their home had.
Windows