Tax Trivia
Types of Taxes
Government Income and Spending
Potpourri 1
Potpourri 2
200
Payments people are required to pay to local, state and national governments.
What are taxes?
200
This is a tax paid to fund payments to the Old-Age, Survivors, and Disability Insurance (OASDI) Program. An employee pays 6.2% in taxes, and an employer pays another 6.2% in taxes.
What is social security tax?
200
True of false: the federal government can have a deficit?
What is true?
200
True or false: you can avoid paying student loans by filing for bankruptcy.
What is false.
The only way out of student loans is death.
200
These are part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money to help pay education expenses.
What is work study?
400
True of false, the top 400 wage earners in the United States pay the highest percentage of their income in taxes?
What is False?
400
This is a 1.45% tax paid by works on income to fund health care benefits for eligible persons
What is Medicare Tax?
400
True or false: state governments can have a deficit?
What is false?
400
The activity of setting up a business or businesses, taking on financial risks in the hope of profit.
What is entrepreneurship?
400
Lifetime journey of building and applying skills, knowledge, and experiences in paid employment positions.
What is a career?
600
This is a list of income levels and tax rates, like what is shown below.
What are tax brackets?
600
This is a tax on money or property that one person gives to another.
What is a gift tax?
600
This is the largest expense of the state government.
What is education?
600
Pam and Jim are expecting their first child. What will happen to the amount of taxes that they will pay in the year that their child is born?
What is decrease?
600
A document that a job applicant creates to itemize education, qualifications, and experience for a position
What is a resume?
800
This type of tax system takes a larger percentage of income from the wealthy than the poor.
What is a progressive tax system?
800
This is a tax paid after a very wealthy person dies.
What is an estate tax?
800
This is the largest category of expenses of the federal government.
What are entitlement programs (Medicare, Medicaid, and Social Security)?
800
This is a type of tax credit that wll be paid to a tax payer, even if the tax payer doesn't owe any taxes.
What are refundable credits?
800
Interacting with others to develop business or professional relationships.
What is networking?
1000
This type of tax system takes a higher percentage of income from the poor than the rich.
What is a regressive tax system?
1000
This is a type of tax paid on money made from selling an asset.
What is Capital Gains tax?
1000
This is the biggest source of revenue for the federal government.
What is individual income taxes?
1000
This is a type of tax credit that reduce the amount of taxes owed, but will not be paid to a tax payer as cash.
What are non-refundable tax credits?
1000
Toby is changing the tax withholding allowance on his W-4 form from 2 allowances to 6 allowances. What will happen to the amount of money being withheld from his paycheck for taxes?
What is decrease?