Exam (elaborations)
Taxes Questions and Answers 2024
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Exam of 4 pages for the course taxes at taxes (Taxes)
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TaxesIncome Tax – answer Taxes paid by employees to federal and state government.
Collected or withheld from one's paycheck.
Payroll Tax - answer Federal and state taxes that all employers must pay, based on a
percentage of the employee's salary. They go to such things as Social Security and
Medicare/Medicaid.
Corporate Income Tax - answer A percentage of profits paid by a business to the
federal and state government.
Excise Tax - answer A tax paid on purchases of a specific good, like gasoline.
Estate Tax - answer A tax on property (cash, real estate, stock, or other assets)
transferred from deceased persons to their heirs.
Social Security - answer A program that provides monthly benefits to almost 60 million
Americans, including retirees, military families, surviving families of deceased workers,
and disabled individuals.
Medicare - answerA government-run insurance program that provides healthcare
assistance to elderly Americans.
Medicaid - answerA government-run insurance program that provides healthcare
assistance to poor Americans.
"Safety Net" Programs - answerA variety of government programs that benefit
individuals and families with low incomes. These include food stamps, education
assistance (grants and loans), housing vouchers, tax credits, job training, child care and
more.
Mandatory Spending - answerSpending by the federal government required by
previously existing laws. This includes funding programs like Social Security and
Medicare/Medicaid.
Discretionary Spending - answerSpending by the federal government determined by
legislative action. In other words, spending approved through votes by elected officials
(i.e. Congress).
"Sin" Taxes - answerA state-sponsored tax that is added to products or services that
are seen as vices, such as alcohol, tobacco and gambling. These type of taxes are
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