W!SE Taxation

A term that best best describes your gross pay after taxes are deducted is:

• Take-Home Pay
• Net Worth
• Assets
• Total Revenues

The term that best describes money left over after paying taxes, fixed and other essential living expenses, is:

• Net Pay
• Net Surplus
• Play Money
• Discretionary Income

The amount withheld by an employer from an employee's earnings. Typically includes income taxes, FICA taxes, Group Insurance, Pension Contributions, etc.

• Excise Tax
• Payroll Deductions
• Indirect Tax
• Proportional Tax

A tax paid directly by an individual or organization to the government (property taxes, income taxes)

• Indirect Tax
• Direct Tax
• Net Income
• Sales Tax

A tax paid to the government by one entity (like a business) in the supply chain, but is passed on to consumers as part of the price for the good/service. (sales tax)

• Indirect Tax
• Direct Tax
• Progressive Tax
• Proportional Tax

A form of indirect tax, imposed by the government. Also known as a "consumption tax."

• Income Tax
• Capital Gains Tax
• Progressive Tax
• Sales Tax

Also called "sin taxes," taxes paid on the purchase of goods to encourage or discourage societal behaviors.

• Sales Tax
• Progressive Tax
• Proportional Tax
• Excise Tax

A tax in which the tax rate increases as the taxable amount increases.

• Indirect Tax
• Sales Tax
• Progressive Tax
• Regressive Tax

A tax in which the tax rate decreases as the amount subject to taxation increases.

• Direct Tax
• Proportional Tax
• Regressive Tax
• Progressive Tax

An income tax in which the tax rate is fixed, with no change as the taxable amount increases or decreases.

• Progressive Tax
• Indirect Tax
• Proportional Tax
• Regressive Tax