THE COURSE
The time when the employee fills out the w4
What is the beginning of a new job?
refers to the federal Old-Age, Survivors, and Disability Insurance (OASDI) program.
What is Social Security?
This type of tax charges the poor a higher percentage than the rich.
What is a regressive tax?
a sum of money demanded by a government for its support or for specific facilities or services, levied upon incomes, property, sales
What are taxes
This form is created by the employer indicatingyour amount of earnings and money already paid toward your taxes.
What is a W-2?
This tax is taken annually from your salary.
What is an income tax?
Another name for a proportional tax.
What is a flat tax?
When the government is able to bring in the same amount of money they spend in a year.
What is a balanced budget?
The tax paid when you make a purchase of a vehicle, clothing, or food at a restaurant.
three items that social security pays for
What are the retirement of all of our military personnel people who have been disabled while in service? (unemployment, food stamps, housing assistance, child support collection, foster and adoptive care of children)
If I give you a gift, how large can your gifts be before they are taxed?
What is $17,000 per year?
When discussing trade with other nations, this CANNOT be taxed
What are exports?
(imports CAN be taxed, this is called Tarrifs)
When the government is able to decide how they want to spend a pool of money. Example: Defense spending
What is discretionary spending?
The tax paid on specific goods or services. A famous example of this began the whiskey rebellion in the early years of the United States.
What is an excise tax?
This is where we pay our Social Security or FICA tax.
What are payroll taxes?
A tax on undesirable activities. In theory, this is designed to lower the consumption of the product and or eliminate the activity.
What is a sin or luxury tax?
This is the amendment that allows the government to collect an income tax.
What is the 16th amendment?
When the government is clearly told how much they can spend on a project or task.
What is compulsory spending?
This is the form used to file your income taxes.
What is a 1040?
This date is when the normal deadline for filing taxes is for the federal government. (There are some exceptions for when the date falls on holidays or during Covid, etc)
What is April 15th?
This is where the federal government is given the power to tax.
Article 1 section 8 clause 1