Exam (elaborations)
1.07 Taxes and You Questions and Answers 2024
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Exam of 1 pages for the course taxes at taxes (1.07 Taxes and You)
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1.07 Taxes and YouWhich of the following is a type of tax paid straight to the federal government? - answer
Income Tax
Each of the following events result in a tax payment. Which is an example of an indirect
tax? - answer Sam buys a necklace and earring set at a local jewelry store.
Suppose you live in a state with a regressive sales tax system. You earn $20,000 a
year. You pay 5% sales tax on items bought from a local hardware store. What
percentage of sales tax would a person who makes twice as much money as you pay
for merchandise at the same hardware store? - answer5%
A state's sale tax is 8%. This places a higher burden on individuals with lower incomes.
What type of tax system does this represent? - answer Regressive
Which type of tax system has the same rate for all income levels? - answer Proportional
Suppose you live in a country with a proportional tax system. You make $20,000 a year
and pay $5,000 in taxes. Your friend makes twice as much money as you. What amount
can your friend expect to pay in taxes this year? - answer$10,000
Each of the following events result in a tax payment. Which is an example of a direct
tax? - answer Javier owes money to the federal government based on job earnings.
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