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Econ Chapter 9 Vocab

Vocabulary for Chapter 9 Econ test

QuestionAnswer
a system that requires an employer to automatically deduct income taxes from a workers paycheck and send them directly to the IRS payroll withholding tax
a tax that imposes a higher percentage rate of taxation on higher incomes than on lower ones progressive tax
a relatively high tax designed to raise revenue while reducing consumption of a socially undesirable product such as liquor or tobacco sin tax
an upward revision of the tax brackets to keep workers from paying more in taxes just because of inflation indexing
a tax on the manufacture or sale of selected items such as gasoline and liquor excise tax
a reduction in business taxes that are tied to investment in new plants and equipment investment tax credit
profits from the sale of an asset held for 12 months or longer capital gains
the federal tax on people's earnings individual income tax
tax on wages and salaries deducted from paychecks to finance Social Security and Medicare payroll taxes
a tax on tangible and intangible possessions property tax
a federal health-care program available to all senior citizens, regardless of income Medicare
a federal program of disability and retirement benefits that covers most working people. a proportional tax Social Security
a proportional tax on individual income after a specified threshold has been reached flat tax
imposes the same percentage rate of taxation of everyone, regardless of income proportional tax
a tax that imposes a higher percentage rate of taxation on low incomes than on high incomes regressive tax
exceptions or oversights in the tax law that allow some people and businesses to avoid paying taxes tax loopholes
the Federal Insurance Contributions Act tax, which is levied on employers and employees equally to pay for Social Security and Medicare FICA
the personal income tax rate that applies whenever the amount of taxes paid falls below a designated level alternative minimum tax
the belief that people should be taxed according to their ability to pay, regardless of the benefits they receive ability-to-pay principle of taxation
as income goes up, the percentage of income paid in taxes stays the same proportion (city income tax)
as income goes up, the percentage of income paid in taxes goes up progressive (federal income tax)
as income goes up, the percentage of income paid in taxes goes down regressive (state sales tax)
the withholding statement attached to your paycheck summarizes the federal and state tax deductions from your pay. Other withholdings may include city income taxes and voluntary deductions, such as health insurance payments and savings plans biweekly paycheck and withholding statement
If taxable income is over... $0-$7550 10% of the amount over $0
$7550-$30,650 $755 plus 15% of the amount over $7550
$30,650-$74,200 $4220 plus 25% of the amount over $30,650
$74,200-$154,800 $15,107.50 plus 28% of the amount over $74,200
$154,800-$336,550 $37,675.50 plus 33% of the amount over $154,800
$336,440-no limit $97,653.00 plus 35% of the amount over $336,550
Created by: erin94