Types of Taxes
This tax is usually levied on most consumer goods
What is Sales Tax?
A relatively high tax on socially undesirable products, such as tobacco is called this
What is a sin tax
Form filled out to let your employer know how much to take out in federal taxes
What is W-4
This is a federal health-care program for senior citizens
Medicare
Your employer collects payroll taxes by deducting or _________________ your money from your wages. Income withheld from your paycheck goes to prepay your federal income tax and social insurance tax.
What is Withholding
A proportional tax on individual income after an income threshold has been reached
What is the flat tax
This tax is placed on the manufacture and sale of selected items
What is excise tax
Form given to you from your employer that states how much you maid throughout the year and how much was taken our in taxes
What is W-2
Age of dependents
What is 19 or 24 if in school
the amount of income your receive AFTER TAXES are taken out
What is net income.
Ann earns $10,000 annually and pays a tax of $1,000. Jerome earns $60,000 during the same period and pays taxes of $20,000. The tax they both paid was a
What is Progressive Taxation
Under which type of tax do individuals with higher incomes pay a smaller percentage than do those with lower incomes?
What is Regressive
Federal tax form
What is 1040
These are exceptions in the tax law that allow some people to avoid paying taxes
What is a tax loophole
______________________- expenses you can legally subtract from your income before calculating your taxes
What is Deductions
Medicare tax is 1.45 percent of income, with no limit on the amount of income taxed. This is an example of which type of tax?
What is Proportional
An annual report to the IRS summarizing total income, deductions, and taxes withheld by employers
What is a tax return
Form that allows you to file for a tax extension
What is Form 4868
Amount of money before taxes are taken from your paycheck
What is gross pay
The only Clime member with Red hair who probably pays taxes
Who is Wyatt Carter
The tax on the transfer of property when a person dies is called this
What is an estate tax
A tax paid by corporations on their profits
What is the corporate income tax
Form sent to you that shows interest
What is 1099
An amount the government assumes you have spend in certain areas during the year
What is standard deduction
Things like charitable donations (that you will not be taxed on) would be an example of
What is a tax credit (Write Off)