Taxpayers have the option of deduction general ________ taxes instead of state income taxes.

____ tax levies the same rate on all income levels

The federal income tax is a _____ tax because you pay a higher tax rate as you earn a higher income.

____taxes burden the people who make less money because they pay a high percentage of their incomes when they pay the taxes.

______ describes when an employer takes out a percentage of your paycheck for taxes and pays that amount as taxes to the government.

____ is another name for Employee's Withholding Allowance Certificate.

As a high school student, you would typically check ____ or claim an exemption on a W-4 form.

____OASDI and ____Medicare are examples of payroll taxes. (same for both blanks)

1-2 years

2-5 years

Over 5 years

401(k)s, 403(b)s and 457(b) are examples of ____ plans offered by employers.

You can start an ____ plan if your employer offers no retirement plan.

A ___ IRA taxes income before deposit

A tax ___ is an amount of money the government allows you to subtract from your taxable income.

A Wage and Tax Statement that is issued by employers to their employees in January is called a ____ form.

April 15th is the deadline for filing a ______. (2 words)

The ____ is responsible for the collection of federal taxes and tax audits

The purpose of a ____ is to gather more information to make sure that people pay their taxes correctly. Usually carried out by the IRS.

___ income is the amount of earnings that is used to calculate what income tax is due

Payroll taxes are most important to ___ revenue.

Property taxes are most important to ___ revenue.

___ taxes mean that you have to pay taxes even after you die.

The biggest source of federal tax revenue is the ____ tax. (2 words)

Many states do NOT charge sales tax on medicine to reduce the _____ (2 words)

Most teens that are required to submit a tax return can use the simplest tax form, known as ____.

The more exemptions claimed by an employee, the ___ deductions the employer makes from his/her paycheck.

___ income is the amount you receive after all income taxes are deducted.

____ are the amount withheld from an employee's paycheck by the employer.

___ income is also known as total income.

___ gross income = total income - adjustments

___ are government programs that provide financial, shelter, nutritional and medical benefits to a specific group.

___ tax is on products such as tobacco and alcohol.

The ______ budget is created when Congress considers the President's suggestions and then passes it.

A ___ deduction should be taken on your income taxes when it is greater that the itemized deductions.