Vocab
One who enjoys the benefits of a good or service without paying for it
What is free rider
There is one of me for every job you work, reading me tells you how much you earned and how much you paid in taxes.
What is W-2
Tax on retail products based on a set percentage
What is Sales Tax
The ________ is charged with the responsibility of maintaining and enforcing the federal tax system
What is IRS
If the IRS determines that you willfully committed fraud on your tax return what is one consequence you could recieve?
What is forced to pay a penalty(Fee) or imprisoned if found guilty or charged interest on unpaid taxes
Government fees on businesses and individual income, activities, or products to support government programs
What is taxes
I am completed every April. There is a lot to fill out. Anyone can use me.
What is 1040
Tax paid on real estate, boats, automobiles and recreational vehicles
If you were paying a 10% sales tax on a car that cost 7,825. How much taxes do you have to pay
What is $782.50
A ______ is a tax on products imported from foreign countries.
What is a tariff
In the US we are required to pay taxes, the system operates on a principle called ___________ which means that what you report as expenses, deductions and earnings is a personal decision even though the law is specific about what is legal
What is Voluntary Compliance
Received in January, used if paid by a company, taxes are not withheld if you received this.
What is a 1099
This tax uses taxes to provide services such as police, road construction and social programs as well as local public school districts.
What is State Tax or Local Tax (they both do)
An ______ tax is a tax on the value of property that someone owns at their death.
What is Estate Tax
Which of the following is NOT true about tax responsibilities of all citizens and residents of Oklahoma?
a. Submit a return by April 14th
b. Keep records of income and deductions
c. Decide the amount of income to claim
d. File a state income tax return
What is c. Decide the amount of income to claim
a __________ tax is one in which the proportion of income paid in taxes increases as income increases.
a. regressive
b. progressive
c. voluntary
d. involuntary
What is b. progressive
When you start a new job you fill this out with information on you and your family to determine how much money is taken out of each paycheck.
What is W-4
Tax that largely supports the Social Security and Medicare programs
What is Federal tax
____ Tax is classified as a regressive tax, because the tax burden on the person paying the tax is different even though everyone pays the same rate.
The ___________ is an example of a progressive tax; as a person's income increases their tax rate increases
a. property tax
b. sales tax
c. drivers license fee
d. federal income tax
What is d. federal income tax
_________ theory that says that people who earn more should pay more taxes than those with limited income.
what is the ability to pay theory
Use to prove that you are eligible to work in the US. Must provide forms of identification when submitting
What is I-9
Tax that are federal, state, and local taxes that may be collected on income both earned and unearned.
What is income tax
Benefits received theory is based on only the people who directly receive the goods should pay be taxed for those services. Which of the following is NOT a tax base on this theory?
a. people with children taxed for building schools
b. people who are retired pay Social Security
c. people over poverty line pay state taxes
d. people out of work pay for unemployment benefits
What is c. people over poverty line pay state taxes
What taxes is the civic responsibility and social obligation for every citizen and resident to pay in order to provide for public needs and services. (4 total)
what is property tax , state tax , federal tax, and local tax