Ch. 3 - Finance Income Tax

1. What is the primary purpose of taxes as mentioned in the video?

• To fund public projects

• To increase personal wealth

• To discourage spending

• To reduce government size

2. What type of tax is deducted from your paycheck for social security benefits?

• Income Tax

• Sales Tax

• Payroll Tax

• Property Tax

3. Which of the following is NOT mentioned as a type of tax in the video?

• Excise Tax

• Franchise Tax

• Capital gains tax

• Inheritance tax

5. What can be claimed to reduce your taxable income?

• Credits

• Deductions

• Taxes

• Investments

4. What is the deadline for filing taxes in the United States?

• April 1st

• March 15th

• April 15th

• May 1st