Vocabulary
Types of Taxes
The purpose of Taxes
Understanding Taxes
Vocabulary 2
100
These are taxes collected from the seller or retailer and as such often remain hidden in the price of a product or service
What is excise taxes
100
Which tax helps to fund state highways?
State Tax
100

One of the largest expenses for most full time employees is what?

Taxes

100

What are the three components of INCOME tax?

Federal Income Tax, State Income Tax, and Local Income Tax

100
A person who pays a tax to national, state, county or municipal (city/town) governments is called what?
A taxpayer
200
The sum of money demanded by a government to support the government itself as well as specific facilities or services is known as this
Taxes
200
Tax that is on purchased goods and services is called what?
Sales Tax
200
These are determined by public representatives (city councils, county commissions, state legislatures, Congress)?
Tax Rates
200

What is the sales tax rate in Rocky River/Cuyahoga County as of right now?

8 %

*  5.75% Ohio Sales Tax

* 2.25% Cuyahoga County Tax

200
This helps pay for health care for senior citizens
Medicare
300
A group of people with common interests and concern for the common good are known as what?
Community
300
Tax that is determined by certain items such as: gas, hotel rooms, airline tickets, cigarettes and alcohol is called what?
excise tax
300
This tax helps to fund schools?
Property Tax
300

Which tax is 1.45% of earned income?

Medicare

300
Tax on earned and unearned income is called what?
Income tax
400
Income received from sources other than employment is what?
Unearned Income
400

Which tax is 6.2 % of earned income?

Social Securtiy

400
The amount of taxes you pay and what you pay those taxes on will vary depending upon
where you live and your income
400

The amount of income tax you pay will vary depending upon what two criteria? 

1. Your income/tax bracket

2. Your status on your W-4 form

400
A tax that helps people with profound disability is which tax?
Social Security
500

Is a tax on earned income that supports the Social Security and Medicare programs (also known as FICA) a payroll tax or a property tax?

Payroll tax

500
Which tax funds education, disaster relief and the defense of the nation?
Federal Income Tax
500
Which tax benefits someone with children who have experienced the death of a spouse?
Social Security
500

What are the two ways that taxpayers can pay their property taxes?

Either directly to the county where they live or it is part of their monthly house payment and the bank sends it to the county.

500
Money earned from working for pay is called what?
Earned Income
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