Basics
What does the government force it's citizens to pay for all its services?
Taxes
Money earned from working for pay.
What is earned income?
This tax is deducted from your paycheck.
What is payroll tax?
Tax paid on land, buildings, and vehicles?
What is property tax?
This is the name of a tax that involves cigarettes, alcohol or gambling.
What is excise/luxury tax?
Name 3 kinds of taxes.
Income, Sales, Excise (Luxury), Payroll, Property, Estate, Gift
Income received from sources other than employment?
What is unearned income?
What two programs are funded by payroll tax?
What is social security and medicare?
True or false: Property taxes are charged by the federal government to help pay for local schools and other expenses.
False: state or local governments
What is another name for excise tax?
Luxury tax
What do taxes provide? List 3.
Roads, public schools, libraries, police/fire, military, government programs, recreation.
What programs do federal income taxes help fund?
Funds programs sponsored by the federal government, national defense, federal court system, food safety regulation, air traffic control, etc.
Who can benefit and receive social security?
Who is the elderly, profound disabled, or experience premature death of a parent?
Tax on purchased goods or services.
What is sales tax?
Why is it called a "luxury tax"?
Something like hotel, gas, alcohol, cigarettes, airline tickets (things you don't need to have/require).
This is tax on earned and unearned income.
Income tax
True or False? Individual states have the option to charge their citizens a state income tax.
True
What is the purpose of medicare?
help pay for health care for senior citizens
True or False: Taxable goods and services do not vary state to state.
False: They do vary (change)
What determines the amount of taxes you pay?
Varies on income level and where you live.
What is the official name of someone who pays taxes?
A taxpayer
True or False: Income taxes include both federal state
True
How much of your paycheck typically goes towards taxes?
about 1/3
Who determines the amount of sales tax charged?
State and local governments
Taxpayers usually do not have a lot of control over taxes....however... Explain how you CAN have SOME control over tax policies.
VOTE!