2.01- intro Depository Institution & 2.02 - Basics of Taxes

All states have state income tax.

• True
• False

Payroll tax include deductions for the Social Security and Medicare program.

• True
• False

Unearned income could include interest earned from a savings account.

• True
• False

Consumption items such as gas, hotel rooms and airline tickets are often charged an excise tax.

• True
• False

State and Federal income tax are the same.

• True
• False

A person who pays a tax to national, state, county or municipal governments

• community
• taxes
• taxpayer
• sales tax

A sum of money demanded by a government to support the government itself as well asspecific facilities or services

• taxes
• taxpayer
• earned income
• community

Who is Medicare designed to help?

• Low income families 
•  Single parents 
• Senior Citizens 
•  Children of unemployed parents 

Money earned from working for pay

• excise tax
• income tax
• sales tax
• payroll tax

A tax on earned and unearned income

• property tax
• unearned income
• income tax
• community