Exam (elaborations)
Income Taxes Questions and Answers 2024
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Exam of 1 pages for the course taxes at taxes (Income Taxes)
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Income TaxesIncome Tax - answer Taxes paid by employees to federal and state government.
Collected or withheld from one's paycheck.
Payroll Tax - answer Federal and state taxes that all employers must pay, based on a
percentage of the employee's salary.
Mandatory Spending - answer Spending by the federal government required by
previously existing laws.
Tax Brackets - answer the breakdown of income to determine income tax percentages
which must be paid
Tax Rate - answer Percentage at which taxes are paid on a dollar of income
Progressive Tax System - answer The higher a taxpayer's income, the higher the tax
rate.
Taxable Income - answer The amount of income that is used to calculate an individual's
or company's income tax due.
Standard Deduction - answer A dollar amount that a taxpayer must exceed in income to
be required to file a tax return.
W-2 - answer Reports an employee's annual wages and the amount of taxes withheld
from their pay.
Dependent - answer Over 50% of financial support provided by someone else. Can be
claimed on the supporter's tax return.
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