Econ Unit 5 test

Front

What is Tax Rate?

Back

the percentage of income or value of a good or service or asset that is paid as tax.

Front

What is Tax base?

Back

The item that is taxed such as income, the value of good or service or property.

Front

What is User Fees?

Back

A fixed charge on the use of public services.

Front

Name 4 examples of government services paid by federal government.

Back

Military, National Parks, Social Security, Interstate Transportation

Front

Name the main sources of income for Federal Government.

Back

• Individual and Corporate Income Tax
• Social Security Tax
• Medicare Tax

Front

What is Individual Income tax?

Back

A tax imposed on the income of individuals by the government.

Front

What is a Corporate Income tax?

Back

A tax on the income or profit of corporations.

Front

What is payroll tax?

Back

Tax paid by companies based on the wages of its employees such as social security and Medicare.

Front

What is Social Security?

Back

Social Security is a federal program that provides financial support to retirees, disabled individuals, and survivors.

Front

Who does Medicare provide service for?

Back

Provides health insurance for qualified retired persons.