Fill - Free fillable TheBasicsofTaxes TotalPointsEarned Name 25 TotalPointsPossible Date Percentage Class (Mr. Breitsprecher's Business Ed Home Page) PDF form

Page|19

2.2.2.A2

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©TakeChargeToday–August2013–TheBasicsofTaxes

FundedbyagrantfromTakeChargeAmerica,Inc.totheNortonSchoolofFamilyandConsumerSciencesTakeChargeAmericaInstituteatTheUniversityofArizona



TheBasicsofTaxes



TotalPointsEarned



Name



25 TotalPointsPossible



Date



Percentage



Class

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Directions:Readthefollowingstatementsand determinewhichtypeoftaxthestatementdescribes.Putthe

correspondingletterintheblank.Termsmaybeusedmorethanonce.



1. ______FundstheSocialSecurityandMedicare

programs

2. ______Thefeetolicenseacaristhistypeof

tax

3. ______Ataxonearnedandunearnedincome

4. ______Thetaxonairlineticketsandgasoline

5. ______Thistaxisdetermi nedbyaset

percentage

ofearnedincome

6. ______Ataxonpurchasedgoodsandservices

7. ______Thespecificamountpaidforthistax

dependsonmanyfactorsbutincreasesas

incomeincreases



A. IncomeTax

B. PayrollTax

C. PropertyTax

D. SalesTax

E. ExciseTax



Directions:Answerthe

followingquestionswithcompletesentences.

8. Howdotaxesrelatetotheprinciple“Youarebetteroffbeinginacommunitythanbyyourself?”



9. AsapersonlivingintheUnitedStatesyouareataxpayer.Whataretwobenefitsyoureceivefrom

thetaxesyoupay?

(2points)



10. Whatisthedifferencebetweenearnedandunearnedincome?Provideatleastoneexampleofeach

typeofincome.

(4points)



Page|20

2.2.2.A2

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©TakeChargeToday–August2013–TheBasicsofTaxes



11. Whataretwoitemsorservicesthatfederalincometaxhelpspayfor?

(2points)



12. WhatistheSocialSecurityprogram?



13. WhatistheMedicareprogram?



14. Ifanemployeeowes$250forpayrolltaxes,howmuchwilltheemployerneedtopayforpayroll

taxes?



15. Whatisonedifferencebetweenincomeandpayrolltax?

(2points)



16. Whataretwopiecesofpropertybesi desanautomobilethatpropertytaxesmaybepaidon? 

(2points)



17. Whatisonedifferencebetweensalestaxandexcisetax?

(2points)



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