What is Taxation Flashcard

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The federal government's health care system for people aged 65 and over

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Medicare

Front

A tax that only applies to certain products

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Excise Tax

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The federal income tax is a

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progressive tax

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This is often called a "death tax," since it is collected after a wealthy person dies.

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estate tax

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This is how governments pay for services.

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taxes

Front

A tax you pay when you buy something

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sales tax

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The amount of money in your paycheck after taxes are taken out.

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net pay

Front

What are the 3 main types of taxes in the United States?

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Income tax, sales tax, and property tax

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A tax paid on property you own

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Property Tax

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Sales Tax

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Tax on items you buy