Federal, State, & Local Taxes

What is the main source of federal government revenue?

• individual income tax
• sales tax
• corporate income tax
• Social Security

With-holdings from your paycheck that go into the federal government program that provides health insurance for people 65 and older

• 401k
• Social Security
• Medicare
• Medicaid

With-holdings from paychecks that go to provide income support for people who are unemployed, disabled, or over age 65

• 401k
• Social Security
• Medicare
• Medicaid

Which type of tax comes directly out of your paycheck?

• Property Tax
• Sales Tax
• Income Tax
• Ad Valorem Tax

Bruce makes $100,000 per year.
Steve makes $50,000 per year.
Tony makes $30,000 per year.  
Bruce pays 30% in taxes, Steve pays 20%, and Tony pays 10%.  This tax is

• Proportional
• Progressive
• Regressive
• I have no idea.

Bruce makes $100,000 per year.
Steve makes $50,000 per year.
Tony makes $30,000 per year. 
Bruce, Steve, and Tony all pay 15% of their income in taxes.  This tax is

• Proportional
• Progressive
• Regressive
• I have no idea.

The federal income tax is 

• Proportional
• Progressive
• Regressive
• ??????

Which of the following are deducted directly from your paycheck?

• Federal Income Tax
• Social Security Tax
• Medicare Tax
• All of the above

Sales taxes are 

• Proportional
• Progressive
• Regressive
• Ummm?????

Which of the following is a typical tax paid by people in the United States?

• Sales Tax
• Property Tax
• Income Tax
• All of the above