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2024 latest |Introduction to Personal Taxation and Types of Taxes||COMPREHENSIVE MOST TESTED QUESTIONS AND VERIFIED SOLUTIONS|GET IT 100% ACCURATE!!£13.00
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10/27/24, 4:55 PM 2024 latest |Introduction to Personal Taxation and Types of Taxes|2024-2025|COMPREHENSIVE MOST TESTED QUESTIO…
2024 latest |Introduction to Personal Taxation
and Types of Taxes|2024-
2025|COMPREHENSIVE MOST TESTED
QUESTIONS AND VERIFIED SOLUTIONS|GET IT
100% ACCURATE!!
Terms in this set (74)
A tax imposed by state and local governments on
Sales tax
the sale of goods and services.
A tax based on the value of property owned, such
Property tax
as a car or home.
A tax imposed on employers and employees,
Payroll tax
typically to fund Social Security and Medicare.
A financial obligation imposed on individuals and
Income tax
businesses based on their income.
The total amount earned before any taxes are
Gross Income
deducted.
Money withheld from an employee's paycheck for
Withholdings
the purpose of paying taxes.
A tax that is mandated by law, amounting to 7.65% of
Social Security Tax employee income, with an equal contribution from
the employer.
A tax that is also mandated by law, amounting to
Medicare Tax 7.65% of employee income, with an equal
contribution from the employer.
Taxes that include Social Security and Medicare,
Payroll Taxes (FICA taxes) totaling 7.65% of every paycheck for both employee
and employer.
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