________________________ is a type of tax that is added to the price of goods or services at the time of purchase.
What is Sales Tax
100
______________________- expenses you can legally subtract from your income before calculating your taxes
What is Deductions
100
refers to filing your taxes online through the IRS website.
What is Electronic Filing or e-filing
100
To control the flow of products that are imported into the U.S. ______________ are imposed on some imports. This cost is then usually passed on to consumers.
What is tariffs
100
Explain Proportional Tax.
What is Takes the same share of all incomes. Example: All ppl are taxed at 10%
200
What is 1 advantage to e-filing your taxes?
What is
Shorter processing time
Faster refund
200
Who receives the largest part of its revenue from payroll taxes?
What is Federal Government
200
What is the maximum value of a gift before it will be taxed?
What is $12,000
200
________________ refers to a number that reduces the amount of income withheld from your pay.
What is Allowances
200
_________________ is a tax placed on income earned by individulas. The amount paid is based on a person's total earnings.
What is Payroll Tax
300
________________ refers to taxes you pay on most types of income you receive. This is NOT a fixed percentage of income and ranges from 10%-35%
What is Income Tax
300
Explain Progressive Tax.
What is The more someone makes, the greater percentage will be taken.
300
__________________ refers to a type of tax that occurs when a person dies and their property is liquidated & received by those legally entitled to the property/liquidation of the property.
What is Estate Tax
300
Regarding taxes, what is on disadvantage you have when paying taxes?
What is Must pay both employer & employee amount; must pay "double"
300
Your employer collects payroll taxes by deducting or _________________ your money from your wages. Income withheld from your paycheck goes to prepay your federal income tax and social insurance tax.
What is Withholding
400
What is an excise tax?
What is collected on the sale of specific goods & services such as gasoline, tobacco, etc.
400
________________ is the law that requires workers and their employers to contribute to Social Security & Medicare.
What is FICA or Federal Insurance Contributions Act
400
What do property taxes get used on?
What is Used by local governments & school districts
400
What is one reason the gov't collects taxes out of each paycheck?
What is People are more likely to pay their taxes & Spreads out payments to make it more manageable.
400
Give me two criteria you must meet to be able to file a 1040EZ.
What is
Have NO dependents
Under 65
Not blind
Income <100,000
Earned <$1500 in interest
No income other than wages, interest, tips, scholarships, or unemployment compensation
500
What is gross income?
What is the amount of income you earn BEFORE TAXES are taken out
500
What is Overwithholding?
What is when taxpayers choose to have extra income taken out of their paycheck so they get an extra big refund. Some use this as a way to save (not a good idea).
500
Which tax form provides the information your employer needs to determine the proper amount to withhold from your paycheck?
What is W-4
500
What are the 3 basic forms used to file federal income taxes?
What is 1040, 1040EZ, 1040A
500
What is net income?
What is the amount of income your receive AFTER TAXES are taken out.