EPF Unit 4 and 5 Review

Front

The higher your income, the higher your tax rate.

Back

Progressive tax

Front

Taxes imposed at a flat rate; also known as a flat tax.

Back

Regressive Tax

Front

Generates tax forms and collects taxes.

Back

IRS

Front

Reduces your taxable income.

Back

Tax Deduction

Front

What is a progressive tax?

Back

tax that changes as you income changes

Front

What is a regressive tax?

Back

a tax that is the same no matter your income

Front

Also known as your take home pay.

Back

Net pay

Front

These taxes come out of a person's paycheck and is meant to help people once they retire.

Back

Social security tax

Front

Your parents pay $3500 in taxes each year based off of the value of your home. Which type of tax is this?

Back

Property tax

Front

This tax form is received when you start a new job. It determines how much money gets taken out of each paycheck.

Back

W-4