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Where does the government get the money needed to provide essential goods and services? Taxes Dues Insurance Other Countries The Department of Treasury is part of what branch of the Government Legislative Judicial Executive What can happen to a taxpayer who does not follow the system of voluntary compliance? The IRS does not have the authority to take actions to collect any unpaid taxes and assess penalties and interest. The IRS has the authority to take actions to collect any unpaid taxes and assess penalties and interest. When must taxpayers file a return? by midnight of filing deadline when taxpayers complete the forms when notified by mail it varies by state What are the three goals of lawmakers when they create taxes? to raise revenue, to influence behavior, and to unjust to decrease revenue, to influence behavior, and to be fair to raise revenue, and to influence behavior to raise revenue, to influence behavior, and to be fair What does the IRS stand for? Internal Review System Internal Revenue System Internal Review Service Internal Revenue Service Why did the government pass a federal income tax during the Civil War ? To give more money to France To raise revenue for the war To give more money to cotton farmers To give money to slaves moving from the south To Fund Social Security To Fund WIC To Fund Medicaid To Fund Medicare What is the purpose of the FICA tax? What is a mass Tax? A tax that a minority of citizens pay A tax that you pay on cars based on weight A tax that overweight people pay A tax that a majority of citizens pay What two criteria can be used to assess whether a tax is fair? ability to pay and benefits received ability to not pay and benefits received ability to pay and benefits not received ability to not pay and benefits not received Income tax pays for: National Defense Public Schools Highways Retirement How does a regressive tax impact lower income groups? takes a larger share of income from high-income groups than from low-income groups, which "gives" lower-income workers more money by letting them keep more of what they earn. takes a larger share of income from low-income groups than from high-income groups. the same tax rates vertical equity How does a progressive tax help equalize the wealth of a country? takes a larger share of income from high-income groups than from low-income groups, which "gives" lower-income workers more money by letting them keep more of what they earn. takes a larger share of income from low-income groups than from high-income groups. the same tax rates vertical equity What is the biggest source of revenue when it comes to state and local governments? Income tax Sales Tax Property Tax Gas tax What three sectors contribute to the United States economy? households, businesses, and the government schools, businesses, and the government households, schools, and the government households, businesses, and enterprise What is the tax effect of having a mortgage on a house? Mortgage expenses can be deducted, therefore possibly raising taxes Mortgage expenses can not be deducted, therefore possibly lowering taxes Mortgage expenses can be deducted, therefore possibly lowering taxes Mortgage expenses can not be deducted, therefore possibly raising taxes What kind of tax are Driver's License Fees: A fixed dollar amount for each driver; varies from state to state. Direct Indirect What kind of tax are Sales Taxes: A percentage of a product's pretax sales price. Direct Indirect It is a tax on a product that does promote the health of the user. It is a tax on a product that causes the user to sin It is a tax on a product that does not promote the health of the user. It is a tax that goes against many religions Why is the cigarette tax considered a sin tax? Which group would most likely support deductions for child care? the wealthy home owners parents small business owners Which group would most likely support deductions for charitable giving? the wealthy home owners parents small business owners |