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100

A tax added to the price of goods made in other countries.

What is a tariff?

100

Of the three major types of taxes---sales, income, and property---most states have how many?

What is three?

100
The U.S. federal income tax is structured so higher "bands" of income are taxed at higher and higher rates. These bands are called tax ______________.
What are brackets?
100
True or False: You will receive a refund of Social Security and Medicare taxes if you do not make very much that year.
What is FALSE?
100

What type of tax is Workers' Compensation: a payroll tax, a sales tax, or an excise tax?

What is a payroll tax?

200

A sales tax on a specific product, such as cigarettes.

What is an excise tax.

200

The term for the pay you actually receive after taxes and other deductions.

What is net pay?

200
Assuming that richer and poorer people buy around the same amount of gas on average, a society with only a gas tax would have a very ________________ tax system.
What is regressive?
200
This tax is 6.2% of an employee's earned income.
What is FICA/Social Security?
200
Who must use the worksheet on the back of form 1040EZ: someone who can be claimed as a dependent or someone who cannot be claimed as a dependent?
What is someone who can be claimed as a dependent?
300

A tax that is a percentage of the price of goods purchased.

What is a sales tax?

300

The term for the pay you earned before deductions and taxes.

What is gross pay?

300

On a 1040, a person who is single and NOT a dependent gets a standard deduction of $______ (an estimate is okay).

What is $12,000?

300

This tax is 1.45% of an employee's earned income.

What is Medicare?

300

Name one of the two Seven Dwarfs who did not lend their name to a category in this Jeopardy.

What is Bashful? OR What is Grumpy?

400

A tax that is a percentage of the value of something owned, usually land or a house.

What is a property tax.

400

This type of tax is paid on both earned and unearned income.

What is income tax?

400

Person A makes $10,000/year and pays 2% of his income in taxes ($200). Person B makes $1,000,000 and pays 1% of his income in taxes ($10,000). What kind of tax structure is this?

What is a regressive tax structure?

400
Employers are required to pay a matching share of this type of tax.
What are payroll taxes (Social Security/Medicare)?
400

What is it called when you list out specific deductions such as mortgage payments and charitable contributions instead of taking the standard deduction?

What is itemizing your deductions?

500

Payments for health insurance or retirement funds are often taken out before taxes are calculated. The general term for this is ___________________.

What is a pre-tax deduction?

500

This type of tax is paid on only earned income.

What is payroll tax (Social Security, Medicare)?

500

The U.S. federal income tax is a _____________ tax.

What is progressive?

500

This type of person would pay 12.4% Social Security and 2.9% Medicare tax.

What is a self-employed person?

500

Oregon has a law that taxpayers receive extra money when tax revenue exceeds budget forecasts by a certain amount. This extra money is called the ... (Hint: starts with "K.")

What is the kicker?

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