
Unit 3: Rights, Responsibilities, and Duties of Citizenship
Flashcard
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History
•
7th Grade
•
Practice Problem
•
Hard
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27 questions
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1.
FLASHCARD QUESTION
Front
In this tax structure you pay a greater percentage of the value of the tax base as that value increases. Our Federal Income Tax is paid in this manner.
Back
Progressive Tax
2.
FLASHCARD QUESTION
Front
In this tax structure a single tax rate (percentage) is applied to all levels of income. Some states use this as structure for State Income tax, and our FICA taxes are collected in this way.
Back
Proportional or Flat Tax
3.
FLASHCARD QUESTION
Front
In this tax structure a single tax rate (percentage) is applied to all levels of income, however, a smaller percentage of income is used to cover the tax as your income increases. An example of this would be sales tax or even tolls for roads/bridges.
Back
Regressive Tax
4.
FLASHCARD QUESTION
Front
Coach Russo pays a tax each year of $3500 that is based off the value of his family's home. Which type of tax is he paying?
Back
Property Tax
5.
FLASHCARD QUESTION
Front
In the US, Taxes are levied (imposed & collected) by
Back
Federal, State, and Local Governments
6.
FLASHCARD QUESTION
Front
Where does the largest share of federal tax revenue come from? Options: Corporate taxes, General sales taxes, Individual income taxes, Property taxes
Back
Individual income taxes
7.
FLASHCARD QUESTION
Front
When you purchase a new pair of sneakers valued at $150, but are required to pay $158.50 at the register because there is a tax on the item, which type of tax have you paid?
Back
General sales taxes
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