Exam (elaborations)
The Basics of Taxes Questions with Correct Answers 2024
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Exam of 2 pages for the course taxes at taxes (The Basics of Taxes)
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The Basics of TaxesWhat are taxes - answer A sum of money demanded by the government to support the
government itself as well as specific facilities or services.
Who pays taxes - answer Taxpayers
Who are taxpayers - answer People that pay taxes to the national state, county, or
city/town governments.
How do you benefit from the taxes you pay - answer improvements
What is community - answer A group of people that share the same interests and
concerns for the common good.
Name 3 examples of a community - answer state, clubs, teams, neighborhood
What are the benefits of being included in a community - answer being able to
contribute your ideas and funds into bettering life and the environment you live in
What phrase makes community make so much sense with taxes - answer “You are
better off being in a community than by yourself"
How is tax determined - answer split into many types
What is income tax - answer tax on earned and unearned income
What is unearned income - answer income received from sources other than
employment
What is earned income - answer money earned fro, working for pay
What are the 2 types of income tax called - answer federal income tax and state income
tax
What is federal income tax - answer a tax placed on the check of ones earnings
What is state income tax - answer a tax placed on the government by an individual
What is payroll tax - answer a tax on earned income that supports the social security
and Medicare programs
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