Types of Taxes
Miscellaneous
Government Spending
Vocabulary
Income Tax
100
a tax for which the percentage of income paid in taxes decreases as income increases
What is regressive tax
100
Name two characteristics of a good tax
What is fairness and economy
100
spending that is designated for things such as education, defense, agriculture, and NASA
What is Discretionary Spending
100
Income, property, good, or service that is subject to a tax
What is tax base
100
a tax one would pay if received a large gift
What is gift tax
200
a tax on the amount of money a person owns
What is individual income tax
200
Name two characteristics of a good tax
What is simplicity and equity
200
spending that is required, goes to things such as, medicare, social security, and medicaid
What is Mandatory Spending
200
What is entitlement programs that benefit low-income families, some people with disabilities, and elderly people in nursing homes.
What is medicaid
200
taking tax payments out of an employee's pay before he or she receives it.
What is withholding
300
tax in which the percentage of income paid in taxes remains the same for all income levels
What is proportional tax
300
A state employees salary come out of this.
What is operating budget.
300
State budget used for investment spending
What is capital budget
300
a tax on the total value of the money and property of a person who has died
What is estate tax
300
The federal government collects income taxes as a person earns
What is pay as you earn taxation
400
Withholds money to fund social security and medicare
What is FICA
400
State budget used for day-to-day expenses.
What is Operating Budget
400
tax on things the government want to regulate
What is Excise Tax
400
What happens to the money that your employer withholds from your paycheck?
Your employer sends it to the federal government to help pay your income tax bill.
500
What do taxes collected under the FICA fund?
What is Social Security and Medicare
500
Which of the following is an example of state spending: Police, Campground, water quality inspections, all of the above
What is all of the above
500
Salary given to a state employee comes from what budget...
What is operating budget
500
A social welfare program providing benefits to people who meet certain eligibility requirements
What is entitlement
500
Which of the following is not tax exempt: Military base, family church, homeless shelter, or convenience store
What is convenience store
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