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westerngal95
on FreezingBlue Flashcards.
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Fiscal Year
Oct. 1st - Sept. 30th
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4 limitations on trade
- 1) Cant tax church services
- 2) cant tax exports
- 3)taxes must be apportioned equally
- 4) employer takes a % of income out of pay for taxes
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16th ammendment
tax our personal income
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Taxes
Internal Revenue Service (collects taxes)
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Social Insurance Taxes
- 1)OASDI- old age survivor and disability insurance (social security)
- 2) Medicare- old age health insurance
- 3)Unemployment Insurance- combined state and federal income
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custom duty
tax on goods brought into the US
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Excise Tax
(sin taxes) tax on manufacture, sale, or consumption of a good
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Estate Tax
(1916) tax on $ or property left to someone after death
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gift Tax
(1952) tax on value of gifts
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