Taxes There are three general types of taxes in the U.S. List them and identify which tax hurts low income taxpayers and which tax hurts high income taxpayers.

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Taxes There are three general types of taxes in the U.S. List them and identify which tax hurts low income taxpayers and which tax hurts high income taxpayers.

The Federal Tax System Ch9 sec2

Federal Individual Income Taxes In 1913 the Sixteenth Amendment to the United States Constitution was ratified for Federal Income Tax.. Individual income tax-the tax on people's earnings-to finance its operations. #1 Source of revenue!!

Payroll Deductions An employer uses federal tax tables to estimate the amount of taxes a worker would pay on a given paycheck, and then sends it directly to the government. I’ll take some of this, thank you!

A Progressive Income Tax The individual income tax is a progressive. “The More You Make the More You Pay”

Indexing The individual income tax has a provision for indexing-an upward revision of the tax brackets to keep workers from paying higher taxes just because of inflation.

FICA Taxes The second most important federal tax is FICA. FICA stands for Federal Insurance Contributions Act and is levied on both employers and employees for Social Security and Medicare.

Corporate Income Taxes The third largest category of taxes the federal government collects is the corporate income tax-the tax a corporation pays on its profits.

Other Federal Taxes Excise Taxes An excise tax is a tax on the manufacture or sale of certain items, such as gasoline and liquor-excise taxes tend to be regressive.

Estate and Gift Taxes The estate tax is the tax the government levies on the transfer of property when a person dies-taxes 18 to 55%

The gift tax is a tax on donations of money or wealth and is paid by the person who makes the gift.

Customs Duties A customs duty is a charge levied on goods brought in from other countries. Miscellaneous Fees User fees-charges levied for the use of a good or service-national park fees.