Income Tax
Money from working for pay
What is earned income?
Name 3 of 4 types of property that are taxed
What are land, buildings, motor vehicles, and intangible property?
Sales taxes is one example of a __________ tax.
(Progressive, regressive or flat)
What is regressive
The month that taxes have to be paid
What is April?
The Federal income tax was ratified in this year
What is 1913?
*DAILY DOUBLE*
(Only the team that initially selects a Daily Double may respond to that clue. The team may wager any or all of their current points on that question, or if they have less than 500 points, they may wager up to 500 points.)
The most important source of revenue for ______ governments is the property tax.
What is county or local?
The letters IRS stand for this
What is Internal Revenue Service?
The federal income tax is this type of tax, where the the more money you earn, you pay a higher rate of tax
What is progressive?
States have the option to charge this tax to employed citizens.
What is state income tax?
List 3 of 5 things property tax supports
What are local education, police/fire protection, local governments, free medical services, and local infrastructure?
Sales tax is an important source of local or federal government revenue.
What is local government revenue
What is "sin tax"
*DAILY DOUBLE*
(Only the team that initially selects a Daily Double may respond to that clue. The team may wager any or all of their current points on that question, or if they have less than 500 points, they may wager up to 500 points.)
Deadline date for federal and state income tax return filing
What is April 15th?
Government levy on employed taxpayers
What is income tax?
True or false? Property taxes are the same in all parts of a state.
What is false
The New Jersey sales tax percentage.
What is 6.625% ?
Payroll taxes pay for this retirement benefit.
What is Social security?
This Constitutional amendment established a permanent federal income tax.
What is the 16th Amendment?
Amount of Federal revenue that comes from income taxes.
What is over one-half?
Charitable organizations that local governments do not usually levy property taxes on
What are nonprofit organizations
True or false? Each state sets its own sale tax rate
The federal tax system used in the United States.
What is a progressive tax system?
The original federal income tax was not permanent: it was established in 1862 during the Civil War, and was sunsetted in this year.
What is 1873?