Taxes Review

What do taxes pay for?

• Healthcare

• Education

• Infrastructure

• All of these

Which type of tax is paid by the employer AND the employee?

• Federal income tax

• NY State Income Tax

• Payroll tax

• Sales tax

Payroll taxes (FICA) fund which two services?

• Social Security and Medicare

• Military and Education

• Transportation and Infrastructure

• Unemployment and Retirement Benefits

State income tax is required by every state.

• True

• False

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

Under which tax system does everyone pay the same tax rate regardless on income (also known as a "Flat" tax)?

• Proportional

• Progressive

• Regressive

Tags

CCSS.8.EE.C.7B

Under which tax system do higher income earners pay a higher tax rate than lower income earners?

• Proportional

• Progressive

• Regressive

Tags

CCSS.6.RP.A.3B

Under which tax system does everyone pay the same amount of money regardless of income? (Sales tax for example.)

• Proportional

• Progressive

• Regressive

Tags

CCSS.7.NS.A.2C

How many tax brackets are there in our Federal Income tax system?

• 10

• 12

• 37

• 7

Tags

CCSS.7.RP.A.3

If you make $50,000 in taxable income and fall into the 22% tax bracket, all of your money is taxed at 22%.

• True

• False

Tags

CCSS.6.EE.B.6

Which of the following describes a tax deduction?

• Subtracting money from your tax bill.

• Subtracting money from your income.

• The amount of taxes owed.

• The amount you receive as a refund for overpaid taxes.