Sources of Tax Revenue
What is an Income Tax?
This is the level of government that funds the Military.
What is the Federal Government?
This document is received in January and there is one for every job you work.
What is a W-2?
A tax imposed in such manner that the tax rate decreases as the amount subject to taxation increases.
What is regressive tax?
This is what helps reduce your taxable income, and can be itemized or standard.
What is a Deduction?
This is a tax on land or housing that you own.
What is a Property Tax?
This tax governmental level receives the least amount of tax funding.
What is the Local Level?
This day is the last day you can submit your income tax forms or to request an extension.
What is April 14th?
Range of income amounts that are taxed at a particular rate.
What is a tax bracket?
This is a $13,850 deduction.
What is the standard deduction?
What is a Payroll Tax?
This is the governmental level that collects Medicare.
What is the Federal Government?
This document has to be completed every April and take a long time to fill out.
What is a 1040 ?
The formula Gross Income - Deductions allows you to calculate this.
What is Taxable Income?
A deduction for housing minors on a W4 form satisfies this tax deduction.
What is a Child Tax Credit?
This is the tax can change by state and is applied to things you purchase.
What is a Sales Tax?
This is the level of government that funds the DPW.
What is the Local Government?
Employers must mail employees their W-2s by this date.
What is January 31st ?
This is the shorthand for Federal Insurance contributions Act.
What is FICA?
The list of costs to run a business.
What are Itemized Deductions?
Tax on wages that provide funding to people who are retired/over 67 years old.
What is Social Security?
The tax level(s) that pay for Education.
What are Federal, State and Local?
This document is received in January and if you received this document you most likely didn't get taxes withheld.
What is 1099?
These are the tax rate %'s for Social Security and Medicare. (not combined)
What is 6.2% & 1.45%?
This deduction is available to taxpayer who donate to qualified chartiable organizations.
What are Charitable Contributions?