Vocab 1
A sum of money that a government mandates that its citizens pay in order to support the government and all of its services.
What are taxes?
Money earned from employment.
What is earned income?
A tax on gasoline, hotel rooms, alcohol, cigarettes, and airline tickets.
What is excise tax?
Using a 6% sales tax, this is the total cost for a purchase of $145.00.
What is $153.70?
This tax amounts to 6.2% of your earned income.
What is Social Security tax?
According to Benjamin Franklin, what are the two things that are said to be certain in the world?
What are death and taxes?
Income received from sources other than employment.
What is unearned income?
The Employee's Withholding Certificate requires your name, address, and this very important 9-digit identifier.
What is Social Security Number?
This is the final cost of a purchase of 15 items @ 3.50 apiece with a 7.5% sales tax.
What is $56.44?
This tax amounts to 1.45% of earned income.
What is Medicare tax?
A tax on both earned and unearned income.
What is income tax?
The Federal Insurance Contributions Act is known by this.
What is F.I.C.A.?
Examples of voluntary with-holdings/deductions from an employee's paycheck include.
What are insurance and retirement?
The sales tax for an item which costs $684.50 at a 9% rate.
What is $61.61?
The current sales tax for CT.
What is 6.35?
A tax on property and motor vehicles.
What is property tax?
A tax collected from the seller or retailer, "hidden" within the cost of the product or services.
What is excise tax?
This federal department invokes fear with many U.S. taxpayers.
What is the Internal Revenue Service (I.R.S.)?
The final cost of an item which costs $379.95 at a 6.35% sales tax rate.
What is $404.08?
The number of digits in a Social Security Number.
What is 9?
A tax on purchased goods and services.
What is sales tax?
The Employee's Withholding Certificate is commonly known by this letter/number combination.
What is W-4?
You get this if you have overpaid the amount of taxes you owe the federal or state government.
What is a refund?
The final cost of an item which costs $975.50 at a 6.35% sales tax rate.
What is $1037.44?
The number that follows the "W-" on the Employee's Withholding Certificate.
What is 4?