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Taxes and Tax Calculations Questions Graded A+
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Taxes and Tax Calculations
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Taxes and Tax CalculationsTaxes - answer percentage based fee assessed by Congress in accordance to the
Constitution.
Direct Taxes - answer levied directly on personal or corporate income.
Indirect Taxes - answer levied on the price of a good
Levy - answer to use government authority to impose or collect a tax.
Local Responsibility - answer public services (police officers, firemen, and public
libraries), public education, health regulations, public transportation (buses), housing.
State Responsibility - answer property regulations, state education, state correctional
facilities (jails, juvenile delinquent centers), workplace conditions (safety and health
regulations), businesses and industries, etc.
Federal Responsibility - answer national defense (military costs), social security,
healthcare, social service, (food stamps, government housing), etc.
Income Tax - answer automatically deducted from each paycheck of an individual’s
earnings; based on a percentage of how much money the person is paid, and makes up
Social Security and Medicare Taxes.
Gross Pay - answer total amount of pay for a pay period before deductions (taxes:
Social Security and Medicare) have been taken out.
Net Pay - answer someone’s actual take-home pay after all deductions have been taken
out, or it is the amount deposited to someone's account.
Social Security Tax - answer provides benefits for certain retired, disabled or deceased
workers and their families.
Medicare Tax - answerpays for the medical expenses of most people over the age of 65
Sales Tax - answerlevied on specific products and services
Gas Sales Tax - answerapplied to the sale of gasoline prior to pumping or at the pump;
are levied different ways in different states
Vehicle Sales Taxes - answertaxes paid either as a percentage of the vehicle cost, or
as a percentage of a person's monthly payment (depending upon state guidelines)
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