taxes

Question 1

what are taxes?

Answer 1

payments made by you and businesses to support gov

Question 2

taxes shall be colected by congress

Answer 2

Article 1 section 2

Question 3

what amendment and time were taxes passed?

Answer 3

16th amendment 1912

Question 4

tax rates can range from

Answer 4

1% to 40%

Question 5

individual income tax

Answer 5

largest single source of revenue

Question 6

exemptions

Answer 6

some type of income that isnt taxable

Question 7

Whats an example of exemptions

Answer 7

NAT’L state and local bonds

Question 8

personal exemptions

Answer 8

exemptions when you are married or have children

Question 9

income tax is progressive, meaning

Answer 9

tax rates go up as your income does

Question 10

160k make about what of all taxes

Answer 10

60%

Question 11

self employed people must file and pay

Answer 11

quarterly

Question 12

Employees and Employers

Answer 12

have to pay joint social security tax/ unemployment/ medicare for about 50%

Question 13

excise taxes are

Answer 13

taxes on manufacturing, sale or consumption of goods/ services/ luxury items /gas, cigerattes, liqour

Question 14

estate taxes are

Answer 14

tax on someones estate when they die

Question 15

what percentage of tax is for estate over 10 mil

Answer 15

35%

Question 16

gift taxes are

Answer 16

tax on gift over a certain amount

Question 17

Trump tax reform

Answer 17

reduce tax to put more $$ in peoples paychecks

Question 18

tax credits are

Answer 18

a way for the poor to reduce their income tax liability

Question 19

tax credit libility is

Answer 19

dollar to dollar

Question 20

what is a deficit

Answer 20

When the gov spends more than it brings in

Question 21

What is the federal budget preparation

Answer 21

from oct 1 to sept 30, the gov sets up its budget

Question 22

what are the steps to setting up the govs budget

Answer 22

1. officer of management and budget gets all the future budgets from other departments
2. Departments go through what they have to cut/ add
3. budget is submitted

Question 23

what is an uncontrolable

Answer 23

expenditures required by law to be payed first

Question 24

what percentage of the fed gov is uncontrolabe

Answer 24

75%

Question 25

what entitlements

Answer 25

social security, pensions, debt interest, medicare

Question 26

lowest tax bracket

Answer 26

10%

Question 27

highest tax bracket

Answer 27

37%