taxes based on the payroll of a business
payroll taxes
taxes you pay on most type of income you recieve
income taxes
FICA stands for...
federal insurance contribution act
how much of your monthly salery is going to FICA?
6.2%
how much of your monthly salery is going to medicare?
1.45%
what enables the government to collect taxes at a steady rate, rather than at the end of the year?
withholding
gross is _________ taxes
before
net is ____________ taxes
after
what form provides info for your employer needs to determind the proper amount to with hold from your paycheck?
W-4
what is a number that reduces the amount of money withheld from your paycheck?
allowance
what form is a summary of your earnings and withholdings for the year for a job?
W-2
what form is a statement of the interest your bank paid on your savings that year?
1099-INT
what tax takes a larger share of income as the amount of income grows?
progressive
what tax gets a smaller percentage of income as the amount of income grows?
regressive
what tax takes the same percentage from all people?
proportional
which way of paying taxes is when they are paid directly to the government?
direct
which way of paying taxes is when taxes you pay are included in the cost of a good like a landlord puts property taxes in their rent?
indirect
what is a tax on sale of specific goods and services such as tobacco, gasoline and alcohol?
excise
what tax is on property which will be recieved by those legally titles to the estate?
estate
what tax is taxes that may be paid by the giver of gifts worth more than $14,000?
gift