Basics
A sum of money required by the government to support the government its self
Taxes
Gasoline, alcohol, airline tickets, and hotel rooms are a part of what type of tax
Excise
W-4
What percentage of you check is taken out for Social security
6.2%
You have access to goods and services you could not pay for individually
Benefit
Medicare and Social Security what what type of tax
Used to prove citizenship
I-9
What is Nebraska's Sales Tax
5.5%
Earned income: money earned from working for pay
Income tax
This tax helps with state highways and governemnt
State income tax
States the amount of money earned & paid
W-2
What is the percentage of Medicare out of each check
1.45%
A set percentage of the value of owned property
Property tax
Interest earned from a savings account is
Income tax
Used to see how much you are getting back in taxes before deductions on the return sheet
Tax income credit table
Components of Income Tax
Federal Income tax + State Income = Income Tax
A set percentage of earned income that is deducted from each paycheck
Payroll tax
Supports the federal government, and government programs
Federal income tax
See how much money you earned from a pay period
Paycheck stub
What is Nebraska's state income tax
2.64-6.84%