Income Taxes
Income Tax - ANSWER ✓Taxes paid by employees to
federal and state government. Collected or withheld from
one's paycheck.
Payroll Tax - ANSWER ✓Federal and state taxes that all
employers must pay, based on a percentage of the
employee's salary.
Mandatory Spending - ANSWER ✓Spending by the
federal government required by previously existing laws.
Tax Brackets - ANSWER ✓the breakdown of income to
determine income tax percentages which must be paid
Tax Rate - ANSWER ✓Percentage at which taxes are
paid on a dollar of income
Progressive Tax System - ANSWER ✓The higher a
taxpayer's income, the higher the tax rate.
Taxable Income - ANSWER ✓The amount of income that
is used to calculate an individual's or company's income
tax due.
Standard Deduction - ANSWER ✓A dollar amount that a
taxpayer must exceed in income to be required to file a tax
return.
Income Tax - ANSWER ✓Taxes paid by employees to
federal and state government. Collected or withheld from
one's paycheck.
Payroll Tax - ANSWER ✓Federal and state taxes that all
employers must pay, based on a percentage of the
employee's salary.
Mandatory Spending - ANSWER ✓Spending by the
federal government required by previously existing laws.
Tax Brackets - ANSWER ✓the breakdown of income to
determine income tax percentages which must be paid
Tax Rate - ANSWER ✓Percentage at which taxes are
paid on a dollar of income
Progressive Tax System - ANSWER ✓The higher a
taxpayer's income, the higher the tax rate.
Taxable Income - ANSWER ✓The amount of income that
is used to calculate an individual's or company's income
tax due.
Standard Deduction - ANSWER ✓A dollar amount that a
taxpayer must exceed in income to be required to file a tax
return.
