Basic info
Required payments to a government.
What is a tax?
A tax collected from one's income
What is income tax?
A government agency that collects taxes and is a bureau of the Department of the Treasury
What is the Internal Revenue service?
A social insurance system that provides benefits to most Americans who are retired, sick, or too disabled to work, and to families of workers who have died.
What is Social Security?
Things that are Federally supported
What is:
Social Security, Medicare, and other retirement programs
National defense, veterans, and foreign affairs
National Debt
Law Enforcement: FBI, CIA, Federal Prisons
Social Programs: Food stamps, Medicaid, assisted living, unemployment compensation, etc.
A tax imposed on a person or property
What is a direct tax?
A tax on the value of one's property
What is property tax?
A charge for the movement of goods through a political border
What is a tariff?
A social insurance program that extends health coverage to almost all Americans age 65 and over.
What is Medicare?
Things that are state or city supported
What is:
Public Schools
Local Libraries
Police, jails, courts
Local parks and recreation
Firefighters
Mass transportation
A tax imposed on a transaction, collected by an intermediary (such as a retail store)
What is an indirect tax?
A tax on commodities (non-necessities) when they are sold to their final consumer
What is a sales tax?
Someone who helps people pay their taxes
What is an accountant?
The amount of monthly income reaming after all deductions have been taken (sometimes referred to as take-home pay).
What is Net Monthly Income?
To raise revenue for government spending
What is the purpose of taxes?
The three main sources of tax revenue
What are income tax, sales tax, and property tax.
The divisions at which tax rates change.
What are tax brackets?
Total pay or earnings made over a one-year period before any deductions have been taken.
What is Gross annual income?
Taxes that remain the same regardless of ability to pay.
What is a regressive tax?
a tax in which the tax rate increases as the taxable amount increases
What is a progressive tax?
Income amount remaining after a year's worth of deductions have been taken.
What is Net annual income?