How long has the US tas system been in place?

Since the 16th Amendment of the US Constitution was adopted in 1913.

What is a basic description of the tax system?

A progressive tax system under which those with larger incomes pay tax at a higher rate than those with smaller incomes.

Do tax provisions change?

Tax provisions change all the time, as Congress passes new laws that expand or amend the Internal Revenue Code (IRC), sets new tax rates, and authorizes the way that tax revenue is spent.

Internal Revenue Service (IRS)

Part of the US Department of the Treasury. They also interpret revenue code, collect taxes that are due and provide the form and instructions you use to file your return.

What Income taxes are withheld from your pay?

Federal, State, and Local income taxes. Along with Social Security and Medicare taxes, if you owe them are withheld.

What taxes can you choose to be withheld from your paycheck?

You can choose to have contributions to employer sponsored retirement plans, premiums for health insurance, and other benefits and obligations as well.

A form you get every January from your employer that reports on your income, including benefits and the amount you withheld. you files these with your federal and state tax returns and keep a copy of it for yourself.

www.irs.gov, a resource if you have any questions about federal income taxes.

What is a highlight in the history of income tax from 1862?

The first income tax was imposed by the US government to pay for the Civil War.

What is a highlight in the history of income tax from 1909?

A constitutional amendment was proposed to permit a personal income tax.

What is a highlight in the history of income tax from 1943?

Withholding was introduced in 1943 to provide a steady stream of income to fund the costs of waging World War II.

Help

Options

focusNode

Didn't know it?
click below

Knew it?
click below

Don't Know

Remaining cards (0)

Know

retry

shuffle

restart

0:00

Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

Normal Size Small Size show me how

Taxes

W05, Finance class, Exam 2/4

Question	Answer
How long has the US tas system been in place?	Since the 16th Amendment of the US Constitution was adopted in 1913.
What is a basic description of the tax system?	A progressive tax system under which those with larger incomes pay tax at a higher rate than those with smaller incomes.
Do tax provisions change?	Tax provisions change all the time, as Congress passes new laws that expand or amend the Internal Revenue Code (IRC), sets new tax rates, and authorizes the way that tax revenue is spent.
Internal Revenue Service (IRS)	Part of the US Department of the Treasury. They also interpret revenue code, collect taxes that are due and provide the form and instructions you use to file your return.
What Income taxes are withheld from your pay?	Federal, State, and Local income taxes. Along with Social Security and Medicare taxes, if you owe them are withheld.
What taxes can you choose to be withheld from your paycheck?	You can choose to have contributions to employer sponsored retirement plans, premiums for health insurance, and other benefits and obligations as well.
IRS Form W-2	A form you get every January from your employer that reports on your income, including benefits and the amount you withheld. you files these with your federal and state tax returns and keep a copy of it for yourself.
IRS website	www.irs.gov, a resource if you have any questions about federal income taxes.
What is a highlight in the history of income tax from 1862?	The first income tax was imposed by the US government to pay for the Civil War.
What is a highlight in the history of income tax from 1909?	A constitutional amendment was proposed to permit a personal income tax.
What is a highlight in the history of income tax from 1943?	Withholding was introduced in 1943 to provide a steady stream of income to fund the costs of waging World War II.

Created by: elliejeanlewis

"Know" box contains:
Time elapsed:
Retries: