Types of Taxes

Money that the government collects from people and businesses is called a _____________.

• Income

• Tax

• charge

• estate

Why do you think we need to pay taxes?

This kind of tax is added to a purchase you make at a store.

• Sales Tax

• Income Tax

• Property Tax

• Excise Tax

If sales tax is 10 percent, and a new pair of sneakers costs $70, how much do you actually have to pay?

• $77

• $71

• $80

• $100

The ________ Tax is a tax on money that you earn at a job or through investments like stocks.

• Sales

• Income

• Property

• Social Security

Which is true?

• The less you make, the more you get taxed.

• The more you make, the higher percentage tax is taken out.

• The more you make the lower you get taxed.

• If you are cool, you don't get taxed at all.

What tax comes out of paychecks and pays for medical care for people 65 and older?

• Social Security

• Property

• Income

• Medicare

What taxes come out of a person's paycheck and pay for a retirement program for older people?

• Sales Tax

• Social Security Tax

• Property Tax

• Medicare Tax

Under a progressive income tax, who would pay the largest proportion of her income in taxes?

• A schoolteacher

• The owner of a small business

• A millionaire

• A student on financial aid

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?

• Estate Tax

• Sales Tax

• Income Tax

• Property Tax