Individual Taxes
This is the tax charged from each paycheck based on your income.
What is income tax?
This type of business is a cooperation of one or a small number of owners and cannot be traded via stocks and shares, but comes with significant tax benefits.
What is an LLC?
This is the government agency responsible for collecting taxes and enforcing federal tax law.
What is the IRS?
This is what taxes pay for.
What is the government budget/public services?
This is the tax paid to social security, medicare, and other programs as a flat percentage from everyone's paychecks.
What is payroll tax?
This is the tax form used by S-Corps and C-Corps.
What is an 1120?
This is a type of income tax determined and collected by a state government rather than the federal government.
What is state tax?
This public service is funded by excise taxes on fuel and toll booths.
What is transportation infrastructure, such as roads?
This is why many people choose to donate to charity, especially towards the end of the year.
What is because you can claim a deduction for charitable contributions?
This is the term for an enterprise like an LLC or S-Corp that is not directly taxed, but whose shareholders are taxed.
What is a "pass through" entity?
This is the date by which tax returns are due.
What is Tax Day (April 15)?
This is whether healthcare is public or private.
What is public, with the exception of medicare?
The federal deficit is the amount by which federal spending outpaces federal earnings, such as through taxation. The deficit has only increased with each president since the Clinton administration, despite each president promising to get it under control. This is why it is difficult for the federal government to reduce the deficit or start paying off the national debt.
What is because it would require reducing spending or increasing taxes, both of which would be unpopular?
This is the tax paid on the sale of specific items, such as fuel, alcohol, and tobacco.
What is excise tax?
This is the tax form filled out every quarter as a report of tax withholdings from employees.
What is a 941?
These are a dollar-for-dollar reduction in your tax liability, from sources like children or other dependents.
What are tax credits?
This is whether education is public or private.
What is public, with the exception of private schools and universities?
This is what I can do if too much was withheld from my paychecks when I filed my taxes.
What is 1) get a refund and 2) adjust my withholdings?
These are the advantages/disadvantages of an LLC/S-Corp vs a C-Corp.
What is LLC's and S-Corps have significant tax benefits, while C-Corps can be freely publicly traded?
These are additions to standard tax forms, such as a 1040 or 1120, that provide additional information to the IRS or otherwise supplement information given on a tax return.
What is a schedule?
While the infrastructure for these services is generally government-funded, much of the distributors are private enterprises.
What are utilities (power and water)?