Economics: TAXES REVIEW

What are Taxes?

• A Sum of money that the Federal government pays its citizens for good behavior.

• A Sum of Money that the State Mandates its Businesses pay in order to support the cleaning of their parking lot.

• A Sum of Money that the Federal Government charges its citizens to clean up their messes.

• A sum of money that the State or Federal Government mandates its citizens pay in order to support the government itself and all of its services.

What is Federal Income Tax?

• Funds the Disney Corporation with money it needs to operate. 
• Money that supports the Executive, Legislative, and Prejudicial branch of the government.
• A tax that supports the air traffic navy platoon system, the national board of realtors as well as the web of excessive disproportionate growth. 
• A tax that supports the federal government, all its systems, highway construction and the military. 

What is State Income Tax?

• Taxes Paid by the Federal Government
• Taxes Mandated by the Federal Government
• Taxes Mandated by the State Government to pay for the Legal System in the United States
• The Taxes that pay for Schools, Libraries, and Police Departments

What is the Social Security tax rate?

• 6.15%

• 6.20%

• 6.45%

• 6.50%

What is the tax rate for Medicare?

• 1.65%

• 1.25%

• 1.45%

• 1.50%

This comes out of your paycheck and is applied to Social Security and Medicare?

• FICA

• Income Tax

• Sales Tax

• Excise Tax

This tax is applied to things you already own like a house, land, and car?

• FICA

• Property Tax

• Sales Tax

This type of tax is levied on the income of individuals?

• Income Tax

• Sales Tax

• Property Tax

• Excise Tax

When you purchase items from a store or restaurant, what type of tax are you charged?

• FICA

• Sales Tax

• Income Tax

• Property Tax

What percentage of your paycheck is deducted for FICA?

• 5%

• 7.65%

• 6.57%

• 10%