Unit 4 Exam Review (Taxes)

Front

The total amount of income you earn through work before  deductions is called your _______.

Back

Gross income

Front

What is the FICA tax?

Back

a tax collected to fund Social Security and Medicare

Front

Under a ________ tax system, individuals and entities with low incomes pay a higher amount of their income in taxes compared to high-income earners.

Back

Regressive

Front

A _________ tax, also referred to as a flat tax, impacts low-, middle- and high-income earners relatively equally.

Back

proportional

Front

What is the major (highest) revenue source for the Federal Government? Options: Sales Taxes, Personal Income Taxes, FICA Taxes, Property Taxes

Back

Personal Income Taxes

Front

Tax on real estate that pays for schools and city services is called ______________.

Back

Property Tax

Front

The __________ collects taxes for the US Government

Back

IRS

Front

If the IRS wants to review your taxes and has more questions for you this is called a(n) _________________.

Back

Audit

Front

When you file your taxes you can file as single, married filling _______, married filling separately, or head of household.

Back

Jointly

Front

A person who lives with you and receives financial support from you is called a(n)

Back

dependent