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6.1 Taxes
Contributed by: Miles
__1. p.1 Direct TaxA. Collected upon purchase. Ex. sales, gas.
__2. p.1 Indirect TaxB. The tax rate is the same for all income levels.
__3. p.1 Progressive Tax SystemC. Paid directly to the government by the person.
__4. p.1 Proportional Tax SystemD. Proportion of taxed income decreases as income increases
__5. p.1 Regressive Tax SystemE. Proportion of taxed income increases as income increases
__6. 25% Proportional Tax on $60000A. reimbursement to a taxpayer of any excess paid to government
__7. p.2 Internal Revenue ServiceB. an annual statement of income and financial circumstances
__8. p.2 W-2C. US Government agency that oversees tax collection and laws
__9. p.3 Tax RefundD. $15,000 taxes paid
__10. p.3 Tax ReturnE. Annual wage and tax statement
__11. p.3 Adjusted Gross IncomeA. the amount of income subject to income tax after deductions
__12. p.3 Formula for Taxable IncomeB. Adjusted Gross Income - Deductions
__13. p.3 Taxable IncomeC. Gross income minus adjustments to income
__14. p.3 Tax DeductionD. lowers a person's tax liability
__15. p.4 Tax BracketsE. a range of incomes taxed at a given rate
__16. p.4 Effective Tax RateA. 25% Marginal Tax Rate
__17. p.4 Marginal Tax RateB. social insurance programs funded with specific income taxes
__18. p.4 Tax Rate - $34,001 incomeC. (total tax owed)/(taxable income) * 100
__19. p.4 Tax Rate - $150,000 incomeD. the tax % that applies to the last dollar of income earned
__20. p.5 Social Security & MedicareE. 28% Marginal Tax Rate
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