Taxes Flashcards
What kind of tax is tax on interest you earn on savings?
Income
Which kind of tax helps pay for people’s retirement?
Social security
Which level of government is primarily responsible for providing public elementary education?
State local Federal
Pays for the goods of traffic lights and sidewalks in different towns
Local
Consumption tax
Sales tax
Payroll taxes to the government
Employers
Progressive tax
Income
Makes gas cost more?
Excise
Used to decrease demand for a particular item
Sales
Pays for bridges highways and hospitals
StAte local federal
Gets most revenue from property tax
Local
Tax on something you buy
Sales
Tax on something you own
Property
Most revenue from income tax
Federal
Excise tax?
Luxury tax
Taxes on gas cigarettes and airplane tickets
Excise
Tax different for different people based on their ability to pay
Income
Tax on money people get for working
Income
Level of government that can tax people’s income
State local federal
Pays for the service of medical care for people who can’t afford it
Federal
Employees withholding allowance certificate
Form W-4
Taxes?
Sum of money demanded by the government to support the government itself as well as specific facilities or services
Taxpayers
A person who pays a tax on national, state, country or municipal (city/form) government
Community
A group of people with common interests and common for the common good
Property tax
A tax on property such as land buildings, including homes, and motor vehicles
Agency in charge of collecting federal tax
Internal Revenue Service
Form most teens use to file their federal income tax
1040EZ
Dependent
Someone who is supported by a taxpayers income
Tax deduction
Reduces the amount of income that is taxed
Itemised deduction
The amount actually spent on tax deductible expenses during the year
What day is income tax day
The deadline by which people need to file a tax return
Where does a w-2 come from
Employer
Earned income
Money earned from working for pay
Unearned income
Income received from sources other than employment
File used to file annual income tax returns
1040 form
Must fulfil certain requirements to get form
1040a form
