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100

What are taxes?

 A sum of money demanded by a government to support the government itself as well as specific facilities or services

100

What is property tax?  Give an example

A tax on property that you own...land building

100
  • Which statement is TRUE about Payroll Taxes?

  • Payroll taxes are paid on both earned and unearned income.
  • Payroll taxes fund different operations and programs of the federal government.
  • Payroll taxes fund the Social Security and Medicare programs.
  • The amount of tax paid depends on many different factors but increases as income increases.

 

  • Payroll taxes fund the Social Security and Medicare programs.
100
  • As Miriah was looking over her sales receipt for a shirt she bought at a retail store, she discovered that she was charged 6% more than the price tag showed for the item.  What is this extra 6% charge most likely to be?
  • An excise tax on the shirt she purchased.
  • Property tax on the shirt she purchased.
  • Income tax on the shirt she purchased.
  • Sales tax on the shirt she purchased.

Sales Tax

200

What are income taxes?

Taxes paid by working (employment) and is split into federal and state income tax.

200

What is payroll tax?

Tax on earned income that supports the Social Security and Medicare programs (also known as FICA)

200
  • Who is Medicare designed to help?
  • Low income families
  • Single parents
  • Senior citizens
  • Children of unemployed parents

Senior Citizens

200

What does civic duty have to do with you and income taxes?  

As a citizen, you are obligated to help pay for the things you are given by the government.  You contribute monetarily by paying income taxes.

300
How can a community benefit from tax payers?

It pays for public services, schools, parks, police fire, libraries, military and national security

300

What does state income tax go towards

state highways and the operations of the states government

300

What is an excise tax and give an example:

Taxes collected from the seller or retailer and as such often remain hidden in the price of a product or service.  Example would be cigarettes 

400

What does federal income tax go towards?

operations of the fed government, programs such as education, defense, and disaster. 

400

Give an example of both unearned and earned income

Earned - employment, had to work

unearned - interest from an investment

400

How are tax rates determined?

Taxes are created by representative bodies such as city councils, members of congress.  Teh reps in these public positions are elected by voters.  

500

What is the difference between federal income and federal outlays?

Income is what the government receives from us.  Outlays are what they spend money on.

500

What are the three benefits citizens receive because of taxes:

Public schools, updated roads, military defense, police

500
  • Why do you think understanding taxes is an important part of financial planning?

Understanding taxes is an important part of money management, because taxes play a role in both earning and spending money.  Taxes are one of the largest expenses for many people.  Make sure to consider taxes when managing your money.