Government & Taxes
What does "IRS" stand for?
Internal Revenue Service
What is “filing” taxes?
Reporting to the government how much money you made that year
What tax do homeowners usually pay on their home or their land?
Property tax
What is a sales tax?
A tax added to the price of goods and services.
Which country had a fat tax that taxed foods high in saturated fat?
Denmark
True or False? Wages, salaries, and tips are taxable
True
This group collects federal taxes in the United States
Internal Revenue Service (IRS)
What is tax taken out of a paycheck based on how much a person earns?
Income tax
Why do governments collect taxes?
To pay for public services.
This American said “Nothing is certain except death and taxes”? (Hint: he is on one of the dollar bills)
Benjamin Franklin
Our income tax system is based on ____ ____, which means that all citizens are expected to prepare and file tax returns of their own accord without force
Voluntary compliance
What is one way people usually pay taxes?
Through automatically withdrawing money from their paycheck.
What type of taxes are used to pay for Social Security and Medicare?
FICA taxes
What is a flat tax?
A tax where everyone pays the same rate.
In the 17th and 18th centuries in England, how were the taxes on homes determined?
Based on the number of windows on the house.