W5.Q1 Understanding Taxes Review

Front

What are taxes?

Back

Mandatory contributions to fund public goods and services.

Front

Which form tells your employer how much federal income tax to withhold from your paycheck?

Back

W-4

Front

What type of tax is used to fund Social Security and Medicare? Options: Income Tax, Property Tax, FICA Tax, Sales Tax

Back

FICA Tax

Front

Which tax is considered regressive? Options: Income Tax, Property Tax, Excise Tax

Back

Sales Tax

Front

Which form do you use to file your federal income tax return?

Back

1040

Front

What is a tax deduction?

Back

An amount that reduces your taxable income.

Front

What is the deadline to file federal taxes?

Back

April 15

Front

Oklahoma's income tax system is:

Back

Progressive

Front

What is the purpose of excise taxes?

Back

To discourage the use of certain goods.