Acronyms
What does FLSA stand for?
What is the purpose of FLSA?
Create and enforce minimum wage law.
When was the Social Security Act signed into law?
1935
What is a proportional or flat tax?
You pay the same amount regardless of income.
What are taxes?
Percentage-based fee assessed by the government
What does FICA stand for?
Federal Insurance Contributions Act tax
What is the last day to file your taxes?
April 15th
When was the Medicare act signed into law?
1965
What is a progressive tax?
The more money you earn the higher your tax RATE.
What is an excise tax?
A tax levied on a specific good or service.
Employees Withholding Certificate
When was the Internal Revenue Act signed into law?
1862
When was Medicaid signed into law?
1965
What is regressive tax?
The more money you earn the lower your tax RATE.
What is a tax bracket?
Financial categories or ranges of taxable income, which are taxed at a given rate
Wage and Tax Statement
What is the 16th Amendment?
The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
When was the 16th Amendment ratified?
1913
Which tax classification system is the United States?
Progressive Tax
What is a standard deduction?
Deductions available to nearly all tax payers.
What does AGI stand for?
Adjusted Gross Income
What amendment outlawed poll tax?
What is the 24th Amendment?
When was poll tax outlawed?
What is 1964?
What tax COLLECTION system does the United States use?
Pay as you earn
What are refundable tax credit?
Credit allowed to go below zero and result in a refund