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Tax
Applications of Taxes
Different Taxes
Vocabulary
Classic Rock
100
System requiring employers to deduct income taxes from employees paychecks
What is a payroll withholding system?
100
This is a proposed alternative to the Federal Individual Income Tax that would greatly simplify the tax process.
What is the flat tax?
100
Federal tax on peoples' earnings.
What is the individual income tax?
100
Person who assigns value to property for tax purposes.
What is a tax assessor?
100
"Three Steps" "Freebird" "Sweet Home Alabama"
What is Lynyrd Skynyrd?
200
Annual report to the IRS stating income, deductions, and taxes withheld by employers.
What is a tax return?
200
Medicare and Social Security are both included in this Acronym.
What is FICA?
200
Tax on the transfer of property when a person dies.
What is the estate tax?
200
Taxes on tangible and intangible possessions
What are property taxes?
200
"Old Time Rock and Roll", "Night Moves", "Against the Wind"
Who is Bob Seger?
300
Tax paid by corporations in their profits.
What is a corporate income tax?
300
Reduction in business taxes based on investment in new plants and equipment.
What is an investment tax credit?
300
Relatively high tax on socially undesirable goods, such as tobacco.
What is a sin tax?
300
Exceptions in the tax law that allow some people to avoid paying taxes.
What are loopholes?
300
"Back in Black", "Thunderstruck", "Hells Bells"
What is AC/DC?
400
Tax on the value added at each stage of the production process.
What is the Value-Added Tax?
400
Amendment that gives the federal government authority to levy an income tax.
What is the 16th Amendment?
400
Tax in which everyone pays the same percentage, regardless of income.
What is a proportional tax?
400
Profits from the sale of an asset held for 12 months or more.
What are Capital Gains?
400
"Born on the Bayou", "Down on the Corner", "Fortunate Son"
What is Creedance Clearwater Revival or CCR?
500
Upward revision of the tax brackets to compensate for the effects of inflation
What is indexing?
500
This percentage group of people were not helped by the Tax Act of 1997.
What is the bottom 20%?
500
Tax on the manufacture and sale of selected items
What is an excise tax?
500
The final burden of a tax is sometimes referred to as this.
What is the incidence of tax?
500
"Maybellene", "Roll Over Beethoven", "Johnny B. Goode"
Who is Chuck Berry?