Taxes Vocabulary Activity
Flashcard
•
Business
•
8th - 9th Grade
•
Practice Problem
•
Hard
Wayground Content
FREE Resource
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13 questions
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1.
FLASHCARD QUESTION
Front
What is the Internal Revenue Service(IRS)?
Back
The branch of government that is responsible for collecting taxes
2.
FLASHCARD QUESTION
Front
What is the meaning of Standard Deduction?
Back
Average deduction for people who are filing in the same status(typically ends up saving money)
3.
FLASHCARD QUESTION
Front
What is the meaning of Taxable Income?
Back
Your salary minus tax deductions
4.
FLASHCARD QUESTION
Front
What is the meaning of Federal Income Tax?
Back
Money that goes to the national government
5.
FLASHCARD QUESTION
Front
What is the meaning of State Income Tax?
Back
Money that goes to the state you live in
6.
FLASHCARD QUESTION
Front
What is the Progressive Tax System?
Back
Makes people fall into different tax brackets based on how much money they make.
7.
FLASHCARD QUESTION
Front
What are Tax Brackets?
Back
A group based off how much money you make
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