Economics Chapter 9 Section 2

Indexing

An upward revision of the tax brackets to keep workers from paying more in taxes just because of inflation.

Customs Duty

Charge levied on goods brought in from other countries

User Fees

Charges levied for the use of goods or services

Payroll Withholding System

In most cases the individual income tax is paid over time through a______

Corporate Income Tax

Tax corporation, as a separate legal entity, pays on its profits

Gift Tax

Tax for donations of money or wealth, and it is paid by the person making the gift

Estate Tax

Tax levied on the transfer of property when a person dies.

Excise Taxes

Taxes on the manufacture or sale of selected items such as gasoline, liquor, telephone services, tires, legal betting, and coal

Individual Income Tax, Social Security Tax, and Corporate Income Tax

The most important sources of government revenue are_______

F.I.C.A

The second most important federal tax is?

Medicare

Wealthy individuals pay the same percent of income for _____ taxes as the poor do

Federal Insurance Contributions Act

What does F.I.C.A stand for?