CE.13 C Taxation

To set aside for a particular purpose

• allocate

• income tax

• expenditures

money paid by individuals and corporations based on their income received

• allocate

• income tax

• sales tax

consumers pay this on items they purchase, it is based on a percentage of the sale price

• sales tax

• income tax

• property tax

the amount of money spent

• allocate

• medicare

• expenditures

tax levied on land and buildings, may also be levied on items such as boats or cars

• income tax

• sales tax

• property tax

a federal health insurance program for people who are 65 or older and younger people with disabilities

• medicare

• allocate

• expenditures

A U.S. government program established in 1935, originally intended as retirement benefit and survivors insurance, all people are required to participate through payroll deductions

• medicare

• social security

• social medicare

a person who gets receives or is rewarded something

• medicare

• allocate

• recipient

The government collects tax revenue only from individuals.

• true

• false

Local, state, and federal governments determine how best to use and allocate the money they collect.

• true

• false