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Galax income inequal
taxes
| Question | Answer |
|---|---|
| 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
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