Types of Taxes
The tax that is on the purchase of everyday items
Sales tax
What determines how much sales tax you pay?
The state that you live in
What are the two types income taxes?
Do all states have income tax?
No
What is medicare?
Health insurance for the elderly
The tax on the money you make
Income tax
What determines the amount of property tax you pay?
What are the two types of income?
Who pays federal income tax?
Everyone working in the USA
How old do you usually have to be to get medicare?
at least 65
The tax that is on things that you own such as buildings, cars, and boats
Property tax
What determines how much state income tax you pay?
The state that you live in
What two things make up payroll tax?
Medicare and social security
Do all states have payroll tax?
Yes
What is social security?
Supplemental income for retirees, disabled, or widowed individuals
The tax that is on specific items such as gas, cigarettes, alcohol, hotel rooms, and airline tickets
Excise tax
What determines your federal income tax?
How much money you make
What is the nickname for excise tax?
the sin tax
Who pays payroll tax?
Working Americans
How much state income tax would a single individual pay on 30,000?
1050
The tax that funds social security and medicare
Payroll Tax
What determines excise tax?`
The state you live in
What is the income tax rate in NC?
5.25%
almost 5!
How much payroll tax would you pay on 10,000
765