Types of Taxes
Tax that is levied upon real estate or personal property.
Property Tax
True or False: A taxpayer may have to pay a penalty for a late tax payment?
True
Name one way state taxes help the community.
Schools, Infrastructure, Parks and Rec, Environment, Health Benefits for Public Employees, Help people with disabilities
Social security and Medicare tax are both types of
Payroll Tax
Tax that is required of all workers and is the largest source of revenue for the government.
Income taxes
True or False: Most people who don’t work don’t need to file a tax return
False
What can't be taxed as part of a person's income
Their valuables
What is revenue?
This tax is imposed profits made from investments.
Capital Gains Tax
True or False: People without kids don't have to pay the taxes that fund the schools
False
True or False: Taxes pay the salaries of first responders
True
Give two examples of government revenue
Taxes and Borrowed money
What are the three types of property tax?
Residential, Commercial, and Industrial
Who is responsible for calculating taxes and filing tax returns? The IRS or the taxpayer?
The Taxpayer
What are the main programs funded by state spending on healthcare?
Medicaid and Children's Healthcare (CHIP)
A criteria of tax fairness that assumes that people with different amounts of wealth or income should pay different amounts of taxes is called:
Progressive Tax
This tax goes into the general fund of the U.S. Treasury, so it is used to fund many different government programs.
Income Tax
A review/examination of an organization's or individual's accounts and financial information to ensure information is reported correctly according to the tax laws and to verify the reported amount of tax is correct.
Audit
What type of taxes pay for schools?
Property tax
Governments purchase these for the benefit of the community as a whole.
Public Goods and Services