Taxes Explained

What’s inside

• What does a progressive income tax system generally mean?
• Which statement correctly describes a tax deduction?
• What is the main effect of a refundable tax credit?
• What is the purpose of income tax withholding from a paycheck?
• Match each tax term with its correct description.
• Match each tax type with the item it most commonly applies to.
• Match each filing concept with its correct explanation.
• Match each rate concept with its correct meaning.