econ--taxes
Daniel has dinner at a restaurant and the cost of his meal is $28.00. Because of the service, he wants to leave a 20% tip. What is his total bill including tip?
$33.60
Sales tax is __________ to the price
Added
Local governments spend the most money on what?
Education
Mandatory spending is spending about which government planners can make choices.
False
The _____ tax is a tax on the transfer of property by one individual to another individual while receiving nothing or less than full value in return.
Gift
The amount of income you earn BEFORE taxes are taken out is called ?
Gross income
Mrs. Cyrus earned $74,750 last year working as an accountant. She paid the federal government $12,000 in taxes on the money she earned. What type of tax is this?
Income
The first baseman for the Texas Rangers make $625,000 every year. He has to pay taxes on the money he earned for the year. What type of tax must he pay on the money he earned?
Income Tax
The national government makes the majority of its money from what type of tax?
Income Tax
What government agency controls taxes?
Internal Revenue Service
A regressive tax takes the largest percentage of income from which group?
Low-income
Having to pay interest on the national debt is an example of
Mandatory Spending
Which agency covers people with low incomes, children who qualify for public assistance, disabled and blind?
Medicaid
Which agency covers persons 65 and over and persons disabled and collecting social security benefits?
Medicare
The amount of income you actually get to take home, AFTER taxes are taken out, is called?
Net Income
Madison makes $432 a week working at Cici's Pizza. After taxes and deductions she actually only gets $287 to put in the bank. What type of income is the $287?
Net income
How often to you have to file tax returns?
Once a year
The county charges the Henry family a tax on the value of the house they own. What kind of tax is this?
Property
Travis county charges tax each year on the house that Jennifer owns. She pays around $6,500 in taxes each year on the house that she owns. What type of tax is this?
Property
Sally owns a gas station. What type of tax will she have to pay on the land that the gas station is on?
Property Tax
Franks parents own their house. They have to pay taxes on their house each year. What type of tax do they pay on their house?
Property tax
A flat tax is the same as a
Proportional Tax
The cost for the new Fallout 4 game is $59.99, but the cashier asked for more money, because of tax. What type of tax is this?
Sales Tax
The state government makes the most money from what type of tax
Sales tax
Tony bought a new boat. He had to pay which kind of tax on his new boat?
Sales tax
Sales Tax is-
Tax on things you buy or purchase
In what document does it say that the government has the power to tax the people?
The Constitution
A progressive tax takes a smaller share of income from low-income groups than from high-income groups.
True
Most of our tax dollars go towards entitlements, such as social security.
True
The form _______tells you how much was taken out of your pay for the year.
W-2
The four criteria for effective taxes are:
equity, simplicity, certainty and efficiency
Medicaid is for....
families and individuals with limited resources
The federal income tax is an example of a
progressive tax
Local governments make the most money from what type of tax
property tax
Taxes do what?
redistribute income change resource allocation change behavior
The national government spends the most money on what?
social security
What are progressive taxes?
take a larger share of income as the amount of income grows
What are regressive taxes?
take a smaller share of income as income grows
Property Tax is-
tax on the house you own
Income tax is-
tax paid on the money you earn each year
What are proportional taxes?
where rates stay the same regardless of income
