AMM Semester 2 Exam

Definition: A percentage of profits paid by a business to the federal and state government.

• Excise Tax

• Taxable Income

• Corporate Income Tax

• Payroll Tax

Definition: A government-run insurance program that provides healthcare assistance to low income Americans.

• Social Security

• Medicaid

• Dividend

• Payroll Tax

Definition: The actual rate you pay on your taxes, as a percentage of your overall income.

• Tax Bracket

• Marginal Tax Rate

• Progressive Tax

• Effective Tax Rate

The set amount of money, per dependent, you can subtract from your taxable income is known as:

• Tax Credit

• Standard Deduction

• Taxable Income

• Exemption

An amount that a government gives back to a taxpayer who has paid more taxes than were due is called:

• Taxable Income

• Tax Deduction

• Tax Refund

• Tax Credit

Income received from sources other than employment is referred to as:

• Unearned Income

• Tax Credit

• Taxable Income

• Interest Income

A government-run insurance program that provides healthcare assistance to elderly and disabled Americans

• Social Security

• Income Tax

• Dividend

• Medicare

Federal and state taxes that all employers must pay, based on a percentage of the employee's salary, toward social services such as Social Security and Medicare

• Progressive Tax

• Income Tax

• Payroll Tax

• Excise Tax

An annual report to the IRS summarizing total income, deductions, and the taxes withheld by employers

• Tax Deduction

• Taxable Income

• Tax Return

• Tax Credit

An amount that can be subtracted from person's tax liability that lowers their taxable income.

• Tax Deduction

• Payroll Tax

• Exemption

• Tax Credit