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Type of Expense
Budget Vocab
Tax Vocab
Tax Forms
Types of Taxes
100
Mortgage
What is Regular Fixed?
100
A way to manage the amount of income that you spend on savings and expenses
What is a budget?
100
Gross Income
What is income before taxes have been withheld?
100
W-4
What is a form used to determine the number of allowances you have (or the amount of taxes to be withheld from your paycheck)?
100
An example of a progressive tax
What is federal income tax?
200
Water Bill
What is Regular Flexible?
200
An expense that remains the same every month
What is a fixed expense?
200
Voluntary Withholdings
What is an amount of money that is held out of a person's paycheck by their own choice?
200
1040-EZ
What is a form used to determine if you have paid the correct amount of taxes over the course of the year? (Filing a tax return)
200
A tax that is included in the price of a good or service
What is an indirect tax?
300
Gym Membership
What is Discretionary Fixed?
300
an expense that is needed to live a normal life
What is a regular expense?
300
Net Income
What is income after all withholding has been taken out?
300
February 1st
What is the date that an employer must send you your W-2
300
Gasoline, cigarette, and alcohol tax are all examples
What is an example of an excise tax?
400
Groceries
What is Regular Flexible
400
an expense that is something you want, not something that you need
What is a discretionary expense?
400
Taxable income
What is the amount of money that the government can tax?
400
1099-INT
What is a form sent by your bank which shows your taxable interest?
400
Most of the money from this tax goes to local schools
What is property tax?
500
College Tuition
What is Discretionary Fixed?
500
an expense that changes every month
What is a flexible expense?
500
Progressive Taxes
What is a system that charges a higher percentage to those with higher incomes, and a lower percentage to those with lower income?
500
The date that your tax return must be filed by
What is April 15th?
500
A tax that charges the same amount to every person, regardless of income
What is a regressive tax system?