Types of taxes quick check

Compare how Medicare taxes are paid by individuals who are employees to those who are self-employed.

Employees pay half (1.45%) of the Medicare tax while the employer pays the other half. Self-employed individuals pay for both halves of the tax (2.9%).

Identify all the groups that pay property tax.

Landowners, homeowners, and businesses

Which type of tax describes excise taxes, sales taxes, and tolls?

Regressive tax

What are the differences between a sales tax and a use tax?

Sales tax is on the purchase of goods and services at the point of sale while a use tax is paid on goods and services purchased one sales tax was not paid.

How are businesses taxed with the corporate income tax?

businesses pay a proportional or progressive tax based on their profits.