Taxes 101
_______ Are required payments to the government.
What are TAXES?
This tax is based on your yearly wages and is paid by everyone. DID YOU FILE THEM?!?
What is an individual income tax?
Trevor buys a brand-new yacht and pays more in taxes than Matt, who has a small bass boat.
What is a progressive tax?
This tax involves money being taken off of people's paychecks
What is a payroll tax?
Why do we have to pay this tax almost everytime we leave the store? In PA it is 6 percent, in some states it is 0.
What is a sales tax?
_______ Is Money received by the government from taxes and other services
What is Revenue?
Hershey's chocolate, McDonald's, Coca-Cola, and hopefully Amazon pay these taxes
What are corporate taxes?
1.45% is taken off of every American’s paycheck for Medicare
What is a proportional tax?
This tax is based on the real estate that you own
What is a property tax?
This city in PA was flooded leading the state to create an alcohol tax to help rebuild it
What is Johnstown?
Which Amendment states "The Congress shall have power to pay and collect taxes on incomes from whatever source derived...."
What is the 16th Amendment?
This tax is taken off of your paycheck for future retirement. Digits are important here and we're not talking phone numbers....
What is social security?
Steven makes $42,000 dollars a year and is in the 22 percent tax bracket
What is a progressive tax?
This tax is based on the net worth of the deceased
What is a death/gift tax?
What is a property tax?
Three common uses of taxes could include
What are for roads, schools, police, parks, departments, etc.
Santa Claus wouldn't be happy with this type of tax
What is a gift tax?
Both Faith and Jim pay $2.88 for gas at Harveys
What is a regressive tax?
If I go to the store and buy a decent shirt, it is subject to this tax
What is a sales tax?
To live in Mifflinburg I would pay this type of local tax
What is an occupational priviledge tax?
Three charcteristics of "good" taxes are
What are efficency, simplicity and certainity?
This type of tax is part of an excise tax on certain products. Churches may remind you of these periodically...
What is a "Sin" tax?
Molly orders a 9-dollar pizza for supper and needs to pay an extra 54 cents in taxes
What is a regressive tax?
What is a special tax?
Some things are exempt from SALES taxes (unbelievable)! Name three things that are subject to sales tax exemptions.
What are food (candy and not ready to eat), some clothing, pharmacetical drugs, residential heating, churches, schools, computer services, etc.