Studied by 19 people
Looks like no one added any tags here yet for you.
Each year, taxpayers submit a(n) _____ to the IRS with the goal of getting as close to zero as possible.
tax return
Due to the 2018 tax reforms, most tax filers can just take the __________ when filing their taxes
standard deduction
The taxes you pay for snacks and other items at a gas station are an example of _____
sales tax
_____ is money you make from working at your job
earned income
The 12 month period used for reporting financial activity is known as a _____
fiscal year
an example of an _____ is the taxes you pay on the fuel you purchase for your car at a gas station
excise tax
If a long-lost relative or friend were to leave you a lot of money, you might have to pay a(n) _____.
inheritance tax
Planning to spend more money than you actually have coming in is called
deficit spending
_____ is money you make from your investments
portfolio income
the IRS may conduct an _____ of a person's tax return to check the accuracy of the figures
audit
a _____ form is used to calculate how much income tax is withheld from your pay
W-4
_____ is your total pay before taxes and withholdings are taken out
gross income
What percentage of their income should a self employed person set aside for taxes?
25-30%
What federal payroll tax goes toward Social Security and Medicare?
FICA
The total amount the U.S. owes to other countries and companies is called what?
national debt
What day is tax day?
April 15th
How fast does the African three toed sloth travel?
.003 mph
before _____, Americans paid income taxes either quarterly or annually
1943
If you make less than the _____, you do not have to file taxes
standard deduction
standard deduction
the dollar amount people can subtract from their income before the tax is calculated
tax schedule
a special tax form to report certain types of income or deductions
itemized deductions
a list of all eligible expenses that can be claimed to decrease taxable income
What form do self employed people have to fill out?
Schedule SE
tax credit
An amount subtracted directly from the tax owed
Self employed people pay income taxes _____
quarterly
Self employed people have to pay _____ of social security and medicare tax
all
audit
an official IRS inspection of a tax return to make sure the income and deductions are accurate
the wealthiest 1% of Americans earn _____ of the total income
21%
the wealthiest 1% of Americans pay _____ of the total income tax
38%
The top 10% pay _____ of the taxes
70%
wealth tax
a tax based on the market value of owned assets
property tax
Taxes paid by anyone who owns property such as land, a home or commercial real estate
capital gains tax
a tax on the positive difference between the sale price and the value of a gift when it was inherited
inheritance tax
a state tax on an asset an individual received from someone who has passed away
estate tax
a tax imposed on a property owner's right to transfer the property to others after their death
gift tax
a tax on any asset that exceeds the yearly amount you can transfer to another person without compensation of equal value
consumption tax
a tax on the purchase of goods or services in the form of sales tax, excise tax, and other special taxes
sales tax
Tax on goods and services that goes to your state or local government
excise tax
a tax on a certain goods that aren't typically considered a necessity; sometimes called a luxury tax
what items have an excise tax?
gas, airline tickets, cigarettes, and alcohol
in 2019, over _____ of the total federal excise tax revenue cam from the tax on fuel and other highway related taxes
44%
federal excise tax revenues totaled nearly _____ in 2019
$100 billion
South Dakota's sales tax is _____
4.5%
Note 
Flashcard (33)