Chapter 14. What does FICA fund? Social Security and Medicare.
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Transcript of Chapter 14. What does FICA fund? Social Security and Medicare.
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Chapter 14
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What does FICA fund?
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Social Security and Medicare
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What determines “means testing?”
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income
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Taxes that pay for older citizens, people with disabilities, and surviving family members of wage earners are called?
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Social Security
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What does the government collect from you so it can pay bills as they
come due?
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Income taxes
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A social welfare program that provides benefits to people who meet a certain
eligibility is called?
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Entitlement benefit
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A major source of tax revenue for local governments?
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Property taxes
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If you pay a tax based on the total bill, this is what kind of tax?
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proprortional
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Sales tax is proportional and this
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regressive
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How much is your tax if you get taxed 20% of the $40,000 you make?
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8,000
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Give an example of a tax deduction.
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Home mortgage interest, donations, some medical expenses
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What does FICA fund?
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Social Security and Medicare
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Is education spending discretionary or mandatory?
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discretionary
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A tax on gas is known as an
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Excise tax
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Give an example of mandatory spending
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Social security
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What happens to the money your employer takes out of your check?
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Your employer sends it to the federal government.
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Is a convenience store tax exempt?
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no
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What types of things does AZ spend tax money on?
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State police, campgrounds, water, education
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The main source of funding for schools comes from
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Property tax
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A tax on the value of money a person has when he dies
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Estate tax
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A tax of the same percentage for all income levels
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Flat tax
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A tax on money earned
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Income tax
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Tax on a company’s profit
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Corporate income tax
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Taking tax out of pay before you get it
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withholding
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Amounts you can subtract from your income
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deductions
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Final burden of a tax is also called…
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Incidence of a tax
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Entitlement program that benefits low income families, people with
disabilities and elderly
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medicaid
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Land and businesses
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Real property
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Not subject to taxes is…
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Tax exempt
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An official who determines the value of property
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assessor
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Income, property or good subject to a tax
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Individual income tax
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Form used to file taxes
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Tax return
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Use of taxation to discourage certain behaviors
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Tax incentive
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National health insurance to pay for health care for elderly
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medicare
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Revenue is equal to spending
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Balanced budget
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Spending on some programs is required by law
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Mandatory spending
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Spending category where government planners can make choices
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Discretionary spending
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Tax on imported good
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tariff