Tax Review

Match the following

• Tax paid on property you own

• Income Tax

• Tax paid on items you buy

• Property Tax

• tax on money earned from a job

• Sales Tax

Match the following

• money earned from working a job

• Government Services

• things paid for by the government for citizens

• Income

• government collects money from citizens

• Taxes

Match the following

• sales tax

• Tax on the profits of a corporation.

• income tax

• Tax on the profit that an investor makes from the sale of an investment such as stock shares

• payroll tax

• Tax imposed on the sale of goods and services.

• corporate tax

• Tax paid on the wages and salaries of employees to finance social insurance programs like Social Security, Medicare, and unemployment insurance.

• capital gains tax

• Tax that governments impose on income generated by businesses and individuals within their jurisdiction.

Match the following

• Regressive Tax System

• Requires high-income taxpayers to pay a larger fraction of their income than taxpayers with a lower income.

• Proportional Tax/ Flat Tax

• Require taxpayers pay the same fraction of their income, regardless of what they earn.

• Progressive Tax System

• Requires higher-income earners to pay a smaller fraction of their income than those with a lower income.