TAXES UNIT TEST

1. What are some common uses for tax money?

• Some common uses include tvs, plants, chairs

• Some common uses include healthcare, military, government education, nation parks

1. What is a state’s responsibility in terms of taxes?

• States are responsible for raising revenue through taxes!

• States are responsible to make additional taxes.

How many tax brackets are there?

• Eleven

• Ten

• Seven

• Six

How does the marginal tax system work?

• prevents people who are barely bumped to the next tax bracket from actually paying more. If you make $ 50,000 the first 11,000 would be taxed in that tax bracket and the rest of the money in the other brackets.

•  people who make more money pay more. Based on your income

What are the three types of taxes?

• Regressive, marginal, flat

• Progressive, regressive, proportional

What are the two FICA taxes?

• Military and Social Security

• Social Security and Medicare

Who pays FICA taxes?

• Only military people

• Everyone who works a job or is a employer

• Only managers

1. What type of income tax does NC charge?

• Charges a flat income tax of 10%

• Charges a flat income tax of 5%

• Charges a flat income tax of 5.25%

• Charges a flat income tax of 6%

What are the four main taxes pulled from every paycheck?

• Social Security only

• Federal and state income taxes, Fica Taxes (Medicare and Social Security)

What are two non (pre) tax payroll deductions?

• benefits and 401 K retirement plans

• Food and insurance