Taxes Vocabulary Activity

Front

What is the Internal Revenue Service(IRS)?

Back

The branch of government that is responsible for collecting taxes

Front

What is the meaning of Standard Deduction?

Back

Average deduction for people who are filing in the same status(typically ends up saving money)

Front

What is the meaning of Taxable Income?

Back

Your salary minus tax deductions

Front

What is the meaning of Federal Income Tax?

Back

Money that goes to the national government

Front

What is the meaning of State Income Tax?

Back

Money that goes to the state you live in

Front

What is the Progressive Tax System?

Back

Makes people fall into different tax brackets based on how much money they make.

Front

What are Tax Brackets?

Back

A group based off how much money you make

Front

What is a Effective Tax Rate?

Back

The actual percentage of your taxable income that goes towards your taxes

Front

What are Withholdings?

Back

Taxes that are taken from your paycheck

Front

What is Self Employment Tax?

Back

A certain percentage that goes towards social security and medicare. Also means you're a freelance worker.