Income Taxes & Paychecks

Taxes are required payments of money used for everything except

• governmental operations

• restaurants

• facilities

• Services

Public goods and services are benefits that

• cannot be withheld from those who don't pay

• can be withheld from anyone

• cannot be used if you don't pay for them

• can be used by anyone for a small fee

Public goods and services are benefits that

• may be consumed and not replenished

• may be consumed by one person and reduced the amount that is available to others

• may be consumed by one person without reducing the amount of products or service available for others

• are consumed by others for fun and entertainment

Highways, airports and fire/police protection are examples of

• property taxes

• public goods and services

• payroll taxes

• private goods and services

Federal program that provides income when earnings are reduced or stopped because of retirement, serious illness/injury or death

• social security tax

• medicare

• medicaid

• national security

State income tax support programs such as

• roads and education

• groceries and utilities

• medical care

• prescriptions

Federal income tax support programs such as

• roads and education

• groceries and utilities

• governor's salary

• national security

Federal program that supports health-expenses

• medicare

• medicaid

• both medicare and medicaid

• neither medicare and medicaid

What percentage of wages is taken out for social security?

• 1.45%

• 5%

• 6.2%

• varies

What percentage of wages is taken out for medicare?

• 1.45%

• 5%

• 6.2%

• varies