Taxes

This tax comes out of paychecks and helps people who are 65 or older and are sick and in need of medical care.

• Medicare

• Tax

Payroll and _________ are taxes that are deducted from a person's paycheck.

• Sales Tax

• Income Tax

• Property Tax

Property tax is based on the value of personal property, home, land and etc.

• True

• False

Money that the government collects from people and businesses.

• Income

• Tax

These types of taxes take a percentage of your paycheck. The more you make , the more that is take out.

• Sales Tax

• Income Tax

This tax is added to a purchase you make.

• Sales Tax

• Income Tax

Without taxes our government would not be able to run effectively.

• True

• False

Travis county charges tax each year on the house that Jennifer owns. She pays around $6,500 in taxes each year on the house that she owns. What type of tax is this?

• Property Tax

• Sales Tax

• Income Tax

Which of the following are the three largest categories of federal government spending?

• infrastructure, defense, science

• education, defense, food/agriculture

• health, military, interest on debt

• military, education, science

What does the term "withholding" mean in reference to your paycheck?

• it is the amount of your paycheck that you are NOT being taxed on

• it is how much is being taken out of your paycheck in taxes

• it is how much you are going to owe the government when you file your annual tax return

• it is how much you earn and includes salary, bonus and commissions