Review-U5-Taxes & Paychecks

Taxes are required payments used to fund public .

A tax on money earned from work or investments is called tax.

Federal income tax follows a tax system.

Illinois uses a tax system.

Taxes collected by cities or counties are called income taxes.

Taxes taken directly from a paycheck are called taxes.

FICA taxes fund and .

A tax that provides income for retired workers is tax.

A tax that funds healthcare for seniors is tax.

A tax added when you buy goods or services is tax.

A tax on specific goods like gasoline is called tax.

A tax based on the value of property is called tax.

Taxes on what you earn include income and taxes.

Taxes on what you buy include sales and taxes.

Taxes on what you own include taxes.

A tax system where higher earners pay a higher percentage is called .

A tax system where everyone pays the same percentage is called .

A tax system where lower-income individuals pay a higher percentage is called .

The progressive system uses to divide income into parts.

Only the income within each is taxed at its specific rate.

Money earned from work is called .

Money automatically taken from a paycheck is called .

A yearly form used to report income is a tax .

Money returned when too much tax is paid is a .

The federal tax agency is the .

Total earnings before deductions is pay.

Take-home pay is pay.

Required deductions by law are called deductions.

Optional deductions are called deductions.

Government spending required by law is called spending.

Government spending approved each year is called spending.

The main federal tax form used to file taxes is the .

Taxes in the U.S. are collected by the , , and governments.

The form you fill out when starting a job to verify work eligibility is the .

The form used to determine how much tax is withheld from your paycheck is the .

The form that shows your yearly earnings and taxes paid is the .

A form used to report non-employee income is the .

A form used to report interest income is the .

The federal tax return form is called the .

The Illinois state tax return form is called the .

You begin paying income tax when you earn more than the requirement for the year.

The largest deduction on most pay stubs is income tax.

A is a person you financially support.

Pay based on hours worked is called .

Fixed yearly pay is called a .

A person earning a low income is more affected by taxes.

A 1% increase in sales tax would most negatively impact someone with a income.