Types of Taxes Review

Front

What is a tax on retail products based on a set percentage?

Back

Sales tax

Front

What is a tax paid on the value of land you own?

Back

Property tax

Front

What is the additional money collected by a retailer when a purchase is made?

Back

Sales tax

Front

What tax is paid by an employer that includes Social Security?

Back

Payroll tax

Front

What is a tax on the income earned by individuals or businesses?

Back

Income tax

Front

What type of tax is applied to the profit from the sale of an asset?

Back

Capital gains tax

Front

What is the purpose of sales tax?

Back

To generate revenue for state and local governments.

Front

What is the difference between income tax and payroll tax?

Back

Income tax is based on earnings, while payroll tax is specifically for Social Security and Medicare.

Front

What is an example of a tax that is not based on income?

Back

Property tax

Front

What is the main use of property tax revenue?

Back

To fund local services such as schools, police, and fire departments.