Podcast
Questions and Answers
Which of the following is the largest source of taxes for the federal government?
Which of the following is the largest source of taxes for the federal government?
- Social insurance taxes
- Corporate income taxes
- Estate taxes
- Individual income tax (correct)
What is the purpose of a tax incentive?
What is the purpose of a tax incentive?
- To influence economic behavior (correct)
- To discourage economic behavior
- To reduce tax burden
- To increase tax revenue
What is taxable income based on?
What is taxable income based on?
- Deductions claimed
- Portion of income subject to taxation (correct)
- Total earned income
- Exemptions allowed
What is the purpose of withholding in income taxes?
What is the purpose of withholding in income taxes?
What is a tax return used for?
What is a tax return used for?
According to the text, what is a tax?
According to the text, what is a tax?
What is revenue according to the text?
What is revenue according to the text?
Which principle of taxation suggests that people should be taxed based on their ability to pay?
Which principle of taxation suggests that people should be taxed based on their ability to pay?
What does the equity principle of taxation require?
What does the equity principle of taxation require?
According to the text, what is one example of the benefits-received principle of taxation?
According to the text, what is one example of the benefits-received principle of taxation?
Which program takes the largest amount of federal spending?
Which program takes the largest amount of federal spending?
What is the purpose of the estate tax?
What is the purpose of the estate tax?
What is the maximum annual income subject to FICA tax for Social Security?
What is the maximum annual income subject to FICA tax for Social Security?
What is the main purpose of excise taxes?
What is the main purpose of excise taxes?
Which category of programs is covered under discretionary spending in the federal budget?
Which category of programs is covered under discretionary spending in the federal budget?
What is the fiscal year for the federal government?
What is the fiscal year for the federal government?
What is the funding source for Social Security?
What is the funding source for Social Security?
Who prepares the President's budget?
Who prepares the President's budget?
What is a grant-in-aid in the federal budget?
What is a grant-in-aid in the federal budget?
How does government spending influence the distribution of income?
How does government spending influence the distribution of income?
Which tax is based on the value of goods or services at the time of sale?
Which tax is based on the value of goods or services at the time of sale?
Which tax takes a larger percentage of income from people with low income than from people with high incomes?
Which tax takes a larger percentage of income from people with low income than from people with high incomes?
Which tax is based on an individual's income from all sources, including wages, interest, dividends, and tips?
Which tax is based on an individual's income from all sources, including wages, interest, dividends, and tips?
Which tax is based on the value of an individual's or a business's assets, such as real estate and automobiles?
Which tax is based on the value of an individual's or a business's assets, such as real estate and automobiles?
Which tax places a higher percentage rate of taxation on high-income people?
Which tax places a higher percentage rate of taxation on high-income people?
Which states have no individual income tax?
Which states have no individual income tax?
What is the range of corporate income tax rates among states?
What is the range of corporate income tax rates among states?
Which types of taxes do most states levy?
Which types of taxes do most states levy?
Which state is not required to have a balanced budget?
Which state is not required to have a balanced budget?
Which type of budget is subject to balanced-budget requirements?
Which type of budget is subject to balanced-budget requirements?
