In Addition to the Individual Income Tax, Individuals May Be

question 39

True/False

In addition to the individual income tax, individuals may be required to pay taxes imposed on tax bases other than individual taxable income.

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Definitions:

Medical Insurance

A type of insurance coverage that pays for medical and surgical expenses incurred by the insured.

Withholding Allowance

An amount claimed on tax Form W-4 that determines how much income tax the employer will withhold from each paycheck. Each allowance claimed (as for a spouse or dependents) reduces the amount of income tax withheld.

Taxable Income

The portion of an individual’s or corporation's income that is subject to taxes by the government.

Withholding Allowance

A claim made by an employee on a W-4 form to reduce the amount of income tax withheld from their paycheck.