Tax Basics #2

What percent of government revenue comes from taxes?

• 37%

• 50%

• 75%

• 100%

What benefits does Medicare offer?

• Healthcare coverage for low-income individuals

• Retirement benefits for government employees

• Healthcare coverage for individuals over 65

• Unemployment benefits for eligible individuals

What type of tax is the main source of income for public schools?

• Income tax

• Sales tax

• Property tax

• Excise tax

What level of government sets the tax rate to fund police, roads, and schools?

• Federal government

• State government

• Local government

• Municipal government

What level of government sets the sales tax?

• Federal government

• State government

• Local government

• Municipal government

What is the main source of Federal Government Revenue?

• Income tax

• Sales tax

• Property tax

• Excise tax

What programs does FICA pay for?

• Social Security and Medicare

• Unemployment benefits and Medicaid

• Food stamps and housing assistance

• Education grants and scholarships

How often are property taxes collected?

• Annually

• Biannually

• Quarterly

• Monthly

What does FICA stand for?

• Federal Insurance Contributions Act

• Federal Income Collection Act

• Federal Investment and Capitalization Agency

• Federal Interest and Compensation Association

What is a proportional tax?

• A tax where the rate increases as income increases

• A tax where the rate decreases as income increases

• A tax where the rate remains constant regardless of income

• A tax where the rate varies based on income brackets