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Galax income inequal

taxes

QuestionAnswer
An individual's earnings are directly related to productivity
How do you determine net pay? subtract deductions from gross income
Define taxes Required payments to government; provides goods and services
City & County Governments Provide for schools, parks, police
Taxes paid to the state: Provide for roads & bridges, state colleges, state police
Transfer payments include Food stamps, housing subsidies, social security, Medicaid
Voluntary payments deducted from your gross pay include Insurance, retirement plan, charity
What is the deadline for filing federal taxes? April 15
Most people file early if they Expect a refund
You are due a refund if Your employer withheld more from your paycheck than you owed for taxes
What is the deadline for filing Virginia income taxes? May 1
T/F: Income inequality is a result of a well-functioning economy True
Food stamps are paid for by Taxing higher income individuals and giving food stamps to lower income individuals
Higher income earners pay a larger percentage of income in tax than lower income earners Progressive tax
Taxable income is calculated by subtracting deductions from gross income
In a progressive tax, the tax bracket in which the upper limit of your taxable income falls is your marginal tax bracket
For the 2010 tax year, a $3650 exemption is allowed for the taxpayer, the taxpayer's spouse, and each dependent child
All levels of income are taxed at the same rate in the flat tax
The flat tax has no deductions
In the flat tax, the only thing subtracted from gross income to determine taxable income is the personal allowance
A tax that is collected at the final point of purchase of new goods and services for personal consumptions is the fair tax
Reimbursement of tax paid on essential goods and services in the fair tax is the prebate
A lot of tax income is lost through tax evasion
According to the U.S. Census Bureau's definition of poverty, about 11% of the U.S. population is poor
You can minimize income inequality by getting education and/or training for a better paying job
In 2011, the employee pays what percentage of his/her income for social security? 4.2%
In 2011, the employer pays what percentage of he employee's income for social security? 6.2%
The employer and the employee pay 1.45% each for medicare
Mandatory deductions from your gross pay include federal and state income tax
Before you can complete you income tax return, you must have your W-2 form
Most young, single taxpayers can use the 1040 E-Z form
A single parent and child are defined as living in poverty if they earn less than $14,787
Income inequality is caused by education and training, work hours & effort, experience, inheritance, physical and mental talents
Ability to pay Tax is levied on how well the individual can afford to pay
Redistribution of wealth causes lower productivity, less entrepreneurship and innovation,and overall economic growth
Created by: Ms. Howell