Tax vocab

Mandatory payments collected from individuals and corporations by a government entity to fund government activity

• IRS

• Infrastructure

• Taxes

• FICA

This is the tax system in which high income taxpayers pay a larger fraction of their income?

• Progressive

• Regressive

• Porportional

• State Farm

Which one of the following is not one of the three basic tax categories?

• Income

• Consumption

• Wealth

• Leisure

This is the federal agency who is responsible for collecting income taxes in the US

• FBI

• FDIC

• IRS

• MLB

What tax category does a sales tax fall under?

• income tax

• consumption tax

• wealth tax

what tax category does a property tax fall under?

• Income tax

• Consumption tax

• Wealth tax

What tax category does a Payroll tax fall under?

• income tax

• Consumption tax

• Wealth tax

This government program provides retirement and disability benefits to employees

• Medicare

• Social Security

• Pell Grants

• Head Start

Payroll tax is paid by both the employer and employee.

• True

• False

The federal government is responsible for collecting sales tax.

• True

• False