Taxes-Take Charge

Front

a tax that can be shifted to others 

Back

indirect tax

Front

What is the concept of tax fairness that people with different amounts of wealth or income should pay taxes at different rates?

Back

ability to pay

Front

What is the concept of tax fairness that people should pay taxes in proportion to  benefits they receive from govt goods & services? Options: benefits received, direct tax, unearned income, ability to pay

Back

benefits received

Front

Form your employer sends to you & IRS at end of the year that reports your annual wages, taxes withheld

Back

W-2

Front

A tax that cannot be shifted to others

Back

Direct Tax

Front

a tax collected on the sale of particular goods and services, also called sin tax

Back

Excise tax

Front

Tax imposing a higher percentage rate of taxation on low incomes than on high incomes

Back

Regressive tax

Front

Taxes collected from employers and employees to finance specific programs; levied on earned income.

Back

Payroll Taxes

Front

a form that helps the employer determine how much to withhold from an employee’s paycheck

Back

W-4

Front

tax imposing the same percentage rate of taxation on everyone, regardless of income

Back

Proportional tax