Basic info
A financial charge imposed by a state to fund various public expenditures.
What is a tax?
A tax collected from one's income
What is income tax?
A government agency that collects taxes and is a bureau of the Department of the Treasury
What is the Internal Revenue service?
form used to pay income tax
What is a 1040?
4 filing classifications for income tax
What are Single, Married Jointly, Married Separately, Head of Household, Qualifying Widow(er) with a dependent.
A tax imposed on a person or property
What is a direct tax?
A tax on the value of one's property
What is property tax?
A charge for the movement of goods through a political border
What is a tariff?
form used to report your tax deductions to your employer
What is a W-4?
A tax imposed on a transaction, collected by an intermediary (such as a retail store)
What is an indirect tax?
A tax on commodities (non-necessities) when they are sold to their final consumer
What is a sales tax?
Someone who helps people pay their taxes
What is an accountant?
Form your employer provides you to show you annual income
What is a w-2?
Department of Defense
Social Security
Medicare
Interest on debt
What are the largest uses of federal tax money?
A tax imposed on certain items. (alcohol and tobacco)
What is an excise tax?
The divisions at which tax rates change.
What are tax brackets?
Forms used in conjunction with a 1040 utilized to report deductions, capital gains income, interest, etc.
What are schedules?
when must your taxes be filed?
What is April 15?
the tax imposed on profits from the sale of a capital asset
What is Capital Gains tax?
a tax in which the tax rate increases as the taxable amount increases
What is a progressive tax?
Donation, Child tax credits, IRA, 401k, and health care contributions
What are ways to reduce your adjusted gross income?