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2.2.2.A2
©TakeChargeTodayAugust2013TheBasicsofTaxes
FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaInstituteatTheUniversityofArizona
TheBasicsofTaxes
TotalPointsEarned
Name
25TotalPointsPossible
Date
Percentage
Class
Directions:Readthefollowingstatementsand determinewhichtypeoftaxthestatementdescribes.Putthe
correspondingletterintheblank.Termsmaybeusedmorethanonce.
1. ______FundstheSocialSecurityandMedicare
programs
2. ______Thefeetolicenseacaristhistypeof
tax
3. ______Ataxonearnedandunearnedincome
4. ______Thetaxonairlineticketsandgasoline
5. ______Thistaxisdetermi nedbyaset
percentage
ofearnedincome
6. ______Ataxonpurchasedgoodsandservices
7. ______Thespecificamountpaidforthistax
dependsonmanyfactorsbutincreasesas
incomeincreases
A. IncomeTax
B. PayrollTax
C. PropertyTax
D. SalesTax
E. ExciseTax
Directions:Answerthe
followingquestionswithcompletesentences.
8. Howdotaxesrelatetotheprinciple“Youarebetteroffbeinginacommunitythanbyyourself?”
9. AsapersonlivingintheUnitedStatesyouareataxpayer.Whataretwobenefitsyoureceivefrom
thetaxesyoupay?
(2points)
10. Whatisthedifferencebetweenearnedandunearnedincome?Provideatleastoneexampleofeach
typeofincome.
(4points)
Page|20
2.2.2.A2
©TakeChargeTodayAugust2013TheBasicsofTaxes
FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaInstituteatTheUniversityofArizona
11. Whataretwoitemsorservicesthatfederalincometaxhelpspayfor?
(2points)
12. WhatistheSocialSecurityprogram?
13. WhatistheMedicareprogram?
14. Ifanemployeeowes$250forpayrolltaxes,howmuchwilltheemployerneedtopayforpayroll
taxes?
15. Whatisonedifferencebetweenincomeandpayrolltax?
(2points)
16. Whataretwopiecesofpropertybesi desanautomobilethatpropertytaxesmaybepaidon?
(2points)
17. Whatisonedifferencebetweensalestaxandexcisetax?
(2points)