Tax Types and Their Uses

Tax Types and Their Uses

Assessment

Flashcard

Mathematics

5th Grade

Hard

Created by

Courtney McGowen

Used 1+ times

FREE Resource

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4 questions

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1.

FLASHCARD QUESTION

Front

Money paid to the federal government based on how much money you earn. Used for funding roads, bridges, military, Border Patrol, National Parks. Paid on April 15.

Back

Income Tax

2.

FLASHCARD QUESTION

Front

Money paid by consumers on purchased goods and services. Used for transportation, roads, bridges, public education, and healthcare.

Back

Sales Tax

3.

FLASHCARD QUESTION

Front

A yearly amount paid by property owners on land, homes, and real estate. Used for local education, police, fire department, schools, roads, water and sewer, libraries.

Back

Property Tax

4.

FLASHCARD QUESTION

Front

Money taken out of your paycheck. Used for social security, Medicare, income tax, unemployment insurance.

Back

Payroll Tax