Kinds of Taxes
Paying Your Fair Share
Checking
Endorse
Meat of Taxes
100
Also known as a flat tax.
What is proportional taxes
100
Tax rates increase as taxable income increases.
What is the Graduated Tax System?
100
A written order to a bank to pay a stated amount to the person or business named on it.
What is a check?
100
To sign your name on the back of a check.
What is endorsing a check?
100
If you are single and your gross income is at least $________ you must file a return.
What is $10,300?
200
Price is the same for all, but bigger burden on the lower-income person.
What is regressive taxes?
200
This responsibility rests with Congress.
What is the power to tax?
200
Deducts money from a checking account almost immediately to pay for purchases.
What is a debit card?
200
An endorsement that transfers the right to cash a check to someone else.
What is a special endorsement?
200
An amount you may subtract from your income for each person who depends on your income to live.
What is an exemption?
300
My main functions are to collect income taxes and to enforce tax laws.
What is the IRS?
300
Allows you to gain access to your account at an ATM.
What is a PIN (Personal Identification Number)
300
An endorsement that limits use of the check if it is lost or stolen.
What is a restrictive endorsement?
300
Income from working, such as wages, salaries, and tips.
What is earned income?
400
They take a larger share of income as the amount of income grows.
What is a progressive tax?
400
Individuals with high incomes should pay more taxes than people with low incomes.
What is the "ability-to-pay principle"?
400
The person to whom a check is make payable.
What is a payee?
400
An endorsement that consists only of the payee's signature.
What is a blank endorsement?
400
A dependent tax payer must file if unearned income was over this amount.
What is $1,050?
500
I provide salaries for Congress, national defense, highways, welfare, and foreign aid.
What services do taxes provide?
500
Congress does this to balance the budget.
Why Congress raises taxes?
500
Checks that have been written but have not make it to the bank yet to be processed.
What is an outstanding check?
500
A personal check guaranteed by the bank to be good.
What is a certified check?
M
e
n
u