a tax on the value of land, buildings, cars, and other kinds of personal assets
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revenue
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the total income received from an economic plan
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sales tax
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a tax collected on the purchase price of goods or services
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withholding
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amounts removed from gross income to pay for taxes and other expenses
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In addition to federal income tax, many people also pay....
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....state income tax.
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Which explains a difference between income and taxable income?
answer
Income is what a person earns, while taxable income reflects deductions for various expenses.
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Which are types of income tax that people pay?
answer
-state
-federal
-local
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If a home is valued at $250,000 and the property tax rate is 2 percent, how much will the owners pay in property taxes?
answer
%5,000
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Which best describes the purpose of this document?
answer
It shows how much a person earned, and how much was withheld in taxes.
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If Massachusetts has a sales tax of 6 percent and New Hampshire has no sales tax, how much money can be saved by buying a $1,000 television in New Hampshire?
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%60
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Most state and local income taxes are either....
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....progressive or regressive.
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The 1040 form is used to collect....
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....federal tax.
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What does the diagram show about tax revenue?
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The most revenue comes from individual and payroll taxes.
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Which best summarizes the purpose of a W-4 form?
answer
It helps determine the amount of taxes withheld from an individual's paycheck.
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