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100
________________________ 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

All people are taxes the same percentage.

What is a proportional or a flat tax? 

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

In 1862, Congress enacted the first income tax law in support of this.

What is the Civil War?

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 one disadvantage you have when paying taxes?

What is Must pay both employer & employee amount; must pay "double"

300

Allows taxpayers to deduct certain expenses from their taxable income.

What is itemize?

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

For a single person, this is the minimum income required to file taxes for 2025.

What is $15,750?

500
What is gross income?
What is the amount of income you earn BEFORE TAXES are taken out
500

Lora earns $50,000 a year and her brother, Casey earns $80,000 a year. Lora pays a higher percentage of her income in taxes than her brother does.

What is a regressive tax?

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

The person who creates a trust.

What is a grantor?

500
What is net income?
What is the amount of income your receive AFTER TAXES are taken out.