Exam (elaborations)
taxes study guide questions and answers 2024
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Exam of 2 pages for the course taxes at taxes (taxes study guide)
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taxes study guideFunds the Social Security and Medicare programs - answer Payroll Tax
The fee to license a car is this type of tax - answer property tax
A tax on earned and unearned income - answer income tax
The tax on airline tickets and gasoline - answer excise tax
This tax is determined by a set percentage of earned income - answer payroll tax
A tax that is added to the original price of an item purchased in retail stores - answer
sales tax
The specific amount paid for this tax depends on many factors but increases as income
increases - answer income tax
How do taxes relate to the principle "You are better off being in a community than by
yourself?" - answer Taxes are a way that members of a community can provide for the
care and protection of each other in a variety of ways. Taxes help fund the creation of
public schools, police and fire departments, military for national security and other
things. Without taxes, it would be difficult for you to individually create many of the
benefits provided by being part of a community.
As a person living in the United States you are a taxpayer. What are two benefits you
receive from the taxes you pay? - answer Roads and public schools are two benefits
that come from paying taxes.
What is the difference between earned and unearned income? - answer Earned income
is money earned from working pay and unearned income is income received from
sources other than employment.
What are two items or services that federal income tax helps pay for? - answer
Government programs live education and defense of the nation.
What type of tax charges a set percentage of a person's income? - answer Payroll tax
can set a percentage of a person's earned income
The amount of taxes you pay depends on what? - answer your income
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