Understanding Taxes

Taxes do NOT pay for

• Roads

• Parks

• Private Schools

• Public Schools

IRS stands for

• Internal Ratings System

• Internal Revenue Service

• Irate Renters Society

• International Revenue Service

Which of the following are types of filing status? Check all that apply.

• Single

• Married filing jointly

• Married filing separately

• Divorced

In order to receive a refund of any withheld taxes, you must file a tax return.

• True

• False

Social Security and Medicare taxes are (check all that apply)

• Payroll taxes

• Progressive taxes

• Regressive taxes

• FICA taxes

Income taxes are

• Progressive taxes

• Regressive taxes

• Proportional taxes

Payroll taxes are paid by

• Employees only

• Employers only

• Neither employees or employers

• Both employees and employers

The amount of federal income tax withheld depends on (check all that apply)

• Filing status

• Amount of earned income

• Withholding allowances

• Age

Sales tax is a

• Progressive tax

• Regressive tax

• Proportional tax

Which of these is NOT a tax taken out of your pay?

• Federal income tax

• State income tax

• Payroll tax

• Property tax