Taxes Flashcardizz pre-test

Front

Mandatory payments collected from individuals and corporations by a government entity to fund government activity.

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Taxes

Front

Another name for Social Security listed on your paycheck as a deduction.

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FICA

Front

he deliberate failure to pay one’s full tax liabilities-is punishable by law.

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Tax Evasion

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A percentage of generated income that is relinquished to the state or federal government.

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Income Tax

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A percentage of corporate profits taken as tax by the government to fund federal programs

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Corporate Tax

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Taxes levied on certain goods and services; varies by jurisdiction

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Sales Tax

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Most governments use an agency or department to collect taxes. In the United States, this function is performed federally by?

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IRS

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How a person files can make a significant difference in how much they are taxed: married filing jointly, married filing separately, single, or head of household.

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Filing Status

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What is a federal program in the U.S. that provides retirement benefits and disability income to qualified people and their spouses, children, and survivors? Workers must be at least 62 years old and have paid into the system for 10 years or more to qualify.

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Social Security

Front

_the national health insurance program available to people age 65 or older, younger people with disabilities, and people with end-stage renal disease.

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Medicare