Basics of Taxes

Front

What are taxes?

Back

Required payments to governments for public goods and services

Front

Who is responsible for paying taxes if you are self-employed?

Back

The self-employed individual

Front

What form do employees complete to estimate payroll and income tax deductions?

Back

Form W-4

Front

What is a sales tax based on? Options: Income level, Property value, Retail product percentage, Estate value

Back

Retail product percentage

Front

What is a tariff?

Back

A tax on imported products.

Front

What is an example of a regressive tax?

Back

Sales tax

Front

What is the effect of tariffs on consumers?

Back

Increase in product prices

Front

What varies depending on the state regarding taxes? Options: Income tax, sales tax, and property tax, Federal tax rates, National defense spending, Medicare benefits

Back

Income tax, sales tax, and property tax

Front

Which level of government uses taxes for social programs for the poor and elderly?

Back

State and Local

Front

What is a characteristic of local taxes?

Back

They vary depending on the local government