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Personal Finance Modules 12, 13, 14 Review Questions and Answers Graded A+
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Personal Finance Modules 12, 13, 14 Review Questions and Answers Graded A+ tax an amount of money you are required to pay to the government ability to pay principle -people who can afford to pay more taxes should pay more to help those who can't pay a lot -federal income tax based on thi...

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  • September 11, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • personal finance modules 12 13 14 review questio
  • tax an amount of money you are required to pay to
  • ability to pay principle people who can afford to
  • progressive tax paying a larger percent of your i

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Personal Finance Modules 12, 13, 14
Review Questions and Answers Graded
A+

tax - answer an amount of money you are required to pay to the government

ability to pay principle - answer-people who can afford to pay more taxes should pay
more to help those who can't pay a lot
-federal income tax based on this

benefits received principle - answer-those who receive benefits should be taxed
-toll highways

progressive tax - answer-paying a larger percent of your income in taxes as your
income or cost of an item goes up
-ability to pay tax

regressive tax - answera person with a lower income pays more in tax than a person
with a higher income

personal income tax - answer-taxes on income you make personally
-progressive

sales tax - answer-tax collected by a government body on the retail of a good or service
-regressive

property tax - answertax paid by the owner of a property, usually to state or local
government

excise tax - answera tax that is paid on the amount of sales a business does

tax deduction - answeran expense subtracted from your income before the tax is
calculated

w-4 tax form - answer-filled out by you
-tells employer how much tax to withhold from your paycheck
-amount is determined by the deductions you qualify for

w-2 tax form - answer-employer gives this to show how much you were paid for during
the year

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