Taxes Vocabulary Dictionary Quiz Part II

The tax bracket that your highest dollar of income falls into, and therefore the highest tax rate you pay 

• Marginal tax rate
• Effective tax rate
• Average tax rate
• Flat tax rate

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

• Medicaid
• Health Savings Account
• Private Insurance
• Medicare

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

• Medicare
• Affordable Care Act
• Social Security
• Medicaid

A document attached to every paycheck that details your earnings and the amount withheld for taxes, health insurance, retirement funds, and other deductions.

• W-2 form
• Payroll summary
• Paycheck stub

• Tax return

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 

• Income taxes
• Sales taxes
• Property taxes
• Payroll taxes

A tax system that uses tax brackets to collect a larger percentage from the income of high-income earners than it does from low-income earners 

• Progressive tax system
• Regressive tax system
• Flat tax system
• Value-added tax system

A federal program that provides monthly benefits to millions of Americans, including retirees, military families, surviving families of deceased workers, and disabled individuals 

• Unemployment Insurance
• Medicare
• Social Security
• Welfare Assistance

A standardized dollar amount that reduces your taxable income, specifically for individuals who do not receive additional benefit by itemizing their deductions into medical expenses, donations, etc.

• Tax credit
• Standard deduction
• Itemized deduction
• Exemption allowance

A range of income amounts that are taxed at a particular rate 

• Tax deduction
• Income threshold
• Tax bracket
• Tax rate

An amount subtracted directly from the tax owed 

• Tax deduction
• Tax credit
• Tax exemption
• Tax refund