Tax Vocab Review

What type of spending is required for the government to fund?

• Discretionary

• Mandatory

• Needed

• Disposable

Spending that is not required by law, but is instead decided upon each year by the President and Congress.

• Mandatory

• Discretionary

• Disposable

• Wants

Government agency responsible enforcing and administering federal tax laws, processing tax returns, performing audits, and offering assistance for American taxpayers.

• IRS

• Treasury Department

• EPA

• FDA

A tax taken from your paycheck to fund various federal and state government projects.

• Income Tax

• Estate Tax

• Excise Tax

• Capital Gains Tax

A tax on specific goods like alcohol and gasoline

• Excise Tax

• Corporate Income Tax

• Payroll Tax

• Estate Tax

A tax on property transferred from deceased persons to their heirs

• Estate Tax

• Capital Gains Tax

• Income Tax

• Payroll Tax

If you die and give money to your children an estate tax is charged if...

• the children are over 18

• you have over 13.99 million dollars in your estate

• you have over 1.63 million dollars in your estate

• you have over $250,000 dollars in your estate

The money you gain from selling stocks or bonds are taxed with the...

• Capital Gains Tax

• Payroll Tax

• Income Tax

• Corporate Income Tax

These taxes come from your employer and your paycheck and go towards social security and medicare (also known as FICA)

• Payroll Tax

• Corporate Income Tax

• Capital Gains Tax

• Excise Tax

A tax on business' profits is...

• Corporate Income Tax

• Capital Gains Tax

• Payroll Tax

• Excise Tax