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Econ > Taxes > Flashcards

Taxes Flashcards

1
Q

Mandatory payment to a local, state, or national govt

A

Tax

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2
Q

Govt income from taxes and nontax sources

A

Revenue

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3
Q

The rights of the govt to tax are set down in the ________________

A

US/State constitution

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4
Q

People should be taxed on their ability to pay, no matter the level of benefits they receive

A

Ability-to-pay Principle

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5
Q

People who benefit from public goods should pay for them in proportion to the amount of benefits received

A

Benefits-received Principle

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6
Q

Tax systems must meet what three criteria?

A

Efficiency, Equity, and Simplicity

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7
Q

The final burden of a tax

A

Incidence

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8
Q

The use of taxes to encourage or discourage certain economic behaviors

A

Tax incentive

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9
Q

Taxes imposed on products or activities considered to be unhealthful or damaging to society

A

Sin taxes

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10
Q

The second highest source of federal revenue

A

Social insurance taxes

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11
Q

The largest amount of taxes for the federal govt

A

Individual income tax

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12
Q

Money taken from a worker’s pay before the worker receives it

A

Withholding

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13
Q

The govt agency that collects the money for the federal govt and administers the federal tax system

A

IRS

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14
Q

Takes the same percentage of income from all taxpayers

A

Proportional tax

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15
Q

Places a higher percentage rate of taxation on high income people

A

Progressive tax

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16
Q

Progressive tax based on the ability-to-pay principle of taxation

A

Federal income tax

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17
Q

Taxes are supposed to be filed by _______________ each year

A

April 15th

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18
Q

Federal Insurance Contributions act, a payroll tax that provides coverage for the elderly, the unemployed due to disability, and surviving family members of wage earners who died

A

FICA

19
Q

Federal program to aid older citizens who have retired, children who have lost a parent or both parents, and people with disabilities

A

Social security

20
Q

The employer and employee each pay _______ of the employee’s income up to an annual maximum for social security

A

6.2%

21
Q

Takes a larger percentage of income from low income people

A

Regressive tax

22
Q

What are the two types of deductions someone can file on their taxes?

A

Standard and itemized

23
Q

What amendment allowed for the taxing of individuals?

A

16th

24
Q

National health insurance program for citizens over 65 and certain other groups of people

A

Medicare

25
Q

Employers and employees pay ______________ of employee income for medicare policies

A

1.45%

26
Q

Program funded by federal and state taxes and administered by the states to assist people who are unable to work

A

Unemployment compensation

27
Q

Unemployment tax applies to the first _________ an employee earns

A

$7000

28
Q

Third largest source of tax revenue for federal government

A

Corporate income tax

29
Q

Tax on property that is transferred to others on the death of the owner

A

Estate tax

30
Q

Tax on money or property given by one living person to another

A

Gift tax

31
Q

In alabama, a gift cannot exceed _____________ per year, per individual

A

$14000

32
Q

Tax on the production or sale of a specific product

A

Excise tax

33
Q

Tax on goods imported into the United States from another country

A

Customs duties

34
Q

Another name for the custom duty

A

Tariff

35
Q

Money charge for the use of a good or service

A

User fee

36
Q

What are the two categories of govt spending?

A

Mandatory and Discretionary

37
Q

Govt spending required by law

A

Mandatory spending

38
Q

Govt spending that is approved each year by congress

A

Discretionary spending

39
Q

The plan for spending federal tax money

A

Federal budget

40
Q

A 12 month period for which an organization plans it expenditures

A

Fiscal year

41
Q

The president’s budget is prepared by the ____________________

A

Office of Management and budget

42
Q

Money distributed to individuals who do not provide anything in return

A

Transfer payments

43
Q

Transfer payment from the federal government to state-or local governments

A

Grant-in aid

44
Q

The part of the economy that is owned by individuals or businesses

A

Private sector

Econ (6 decks)

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