Taxes

Your parents pay $3500 in taxes each year based off of the value of your home. Which type of tax is this?

• Payroll tax

• Property tax

• Sales tax

• Income tax

Who primarily uses our tax money? (hint: choose 2 correct answers)

• Your employer

• The state government

• The Federal government

• Local Businesses

Our tax money is spent on all of the following EXCEPT:

• Social Security

• The Military

• Private School Education

• National Parks

What types of taxes contribute to Federal tax revenue? ( hint: choose 4 correct answers :)

• Corporate Income Tax

• Income Tax

• Estate Tax

• Excise Tax

A tax is

• an amount of money citizens and businesses are required to pay so that the government can function and provide services.

• A penalty imposed by a government.

• A financial burden on citizens.

• The amount of money citizens take home when they are paid.

What do we NOT use taxes to pay for?

• Military

• Public libraries

• Healthcare

• Infrastructure

• Private schools

Match the tax type to the correct description.

• Tax based on your assets

• Wealth Tax

• Tax on the positive value of a gift. (Inheritance.)

• Property Tax

• Tax paid on land, homes, or commercial real estate.

• Capital Gains Tax

The ​ (a)   is a tax the government collects when a person dies.

• estate tax
• excise
• progressive
• contractor
• withhold

A tax on the sale or production of a domestic good is called a(n)…

• Estate Tax

• Import Tax

• "Sin" Tax

• Excise Tax

When is the last day to turn in your income tax forms?

• April 15th

• May 10th

• February 28th

• January 31st