WorksheetsTypes of Taxes Review
Total questions: 13
Worksheet time: 20mins
Incomes up to $10,000 pay 2%; incomes from $10,001 to $20,000 pay 4%; Incomes above $20,000 pay 5%. This is an example of which type of tax?
regressive
progressive
sales tax
property tax
The property tax is an example of which type of tax?
Progressive tax
Regressive tax
Proportional (flat) tax
Excise tax
In the United States we have progressive income taxes which means that as taxable income increases, income tax rates ____.
Also increase
Stay the same
Decrease
Depends on other factors
A closer examination of tax returns by the IRS is called ____.
Tax evasion
A tax bracket
An audit
An itemization
Social Security and Medicare make up an employee’s ____ deductions.
Interest
401K
FICA
IRA
Willful failure to pay taxes is a crime known as ____.
Tax evasion
Tax fraud
Voluntary compliance
Auditing
A sales tax is an example of a _______.
Progressive tax
Proportional tax
Regressive tax
Income tax
Which U.S. Department works with the IRS to control our Nation’s Fiscal Policy?
The IRS
The U.S. Treasury Department
The FDIC
The Federal Reserve System (The Fed)
What is the primary purpose of excise taxes?
To tax the income of individuals
To reduce consumption of certain goods
To collect revenue on imported goods
To fund local government projects
Match the following
As income increases the percentage of tax paid increases.
Progressive Tax
As income increases the percentage of tax paid decreases.
Regressive Tax
As income changes the percentage of tax paid stays the same.
Proportional Tax.
Income Tax
tax on money earned from a job
Sales Tax
Tax paid on items you buy
Property Tax
Tax paid on property you own
