Taxes Part 3

Question 1

Employers and employees pay how much of employee income

Answer 1

1-45%

Question 2

Program that is funded by federal and state taxes, that is administered by states

Answer 2

Unemployment compensation

Question 3

Unemployment tax applies to the first $________ earned by an employee

Answer 3

7000

Question 4

Under normal times and individual can collect unemployment benefits for a maximum of ________

Answer 4

26 weeks

Question 5

What did congress pass after the recession to extend the that duration of 72 weeks

Answer 5

Emergency benefit program

Question 6

Government imposes what on various forms of income and wealth in order to raise the revenue to provide public goods and various other services

Answer 6

Taxes

Question 7

A form of wealth such as income, property, goods or services that is subject to taxes

Answer 7

Tax base

Question 8

Based on an individual’s income from all sources

Answer 8

Individual income tax

Question 9

Based on a corporations profits

Answer 9

Corporate income tax

Question 10

Based on the value of goods or services at the time of sale

Answer 10

Sales tax

Question 11

Based on the value of an individual’s or business assets

Answer 11

Property tax

Question 12

Pay property tax based on the value of their buildings and the land on which the buildings stand

Answer 12

Homeowners and business owners

Question 13

Property tax may also be imposed on the other assets such as what

Answer 13

Automobiles

Question 14

Takes the same percent of income from all taxpayers

Answer 14

Proportional tax

Question 15

Prices a higher % rate of taxation on high income people

Answer 15

Progressive tax

Question 16

Takes a larger % of income from low income people

Answer 16

Aggressive tax

Question 17

States with what kind of taxes generally charge rates from three to five % of income

Answer 17

Flat taxes

Question 18

Cities and countries with what kind of taxes change about 1-3% of income

Answer 18

Proportional taxes

Question 19

Federal income tax is what kind of tax

Answer 19

Progressive tax

Question 20

The programs and services the federal govt. funds with tax revenue are divided into what two categories

Answer 20

Mandatory spending

Discretionary spending

Question 21

Required by law

Answer 21

Mandatory spending

Question 22

Has to be authorized

Answer 22

Discretionary spending

Question 23

Makes up well over half of all federal spendings

Answer 23

Mandatory spending

Question 24

Most of mandatory spendings are in the form of what

Answer 24

Entitlements

Question 25

Social welfare programs with specific requirements

Answer 25

Entitlements

Question 26

Many of welfare programs are what ?

Which means certain conditions have to be met to receive the benefit

Answer 26

Means tested

Question 27

What takes the largest amount of federal spending

Answer 27

Social security program

Question 28

Workers must work for how long to receive full benefits under the programs.

Answer 28

10 years

Question 29

To help control costs the government has gradually raised the age of what ?

Answer 29

Full retirement

Question 30

Introduced in 1966 as an additional old age benefit under social security

Answer 30

Medicare program

Question 31

Joint federal state medical insurance program for low income people

Answer 31

Medicaid

Question 32

The federal give funds about how much of Medicare programs

Answer 32

63%

Question 33

States pay about how much of Medicare programs

Answer 33

37%

Question 34

Provides funds for about 25 million low-income people to purchase food

Answer 34

Food stamp program

Question 35

Whose benefits include healthcare coverage and disability payments for services related

Answer 35

Veterans

Question 36

The largest discretionary expenditure category is _______ which takes up about ______% of the total discretionary budget

Answer 36

National defense

50

Question 37

Border protection and the enforcement of some immigration laws falls into the mandatory expenditures category

Answer 37

Homeland security

Question 38

Is the third largest source of tax revenue for the federal government

Answer 38

Corporate income taxes

Question 39

What was introduced in 1966, it’s a national health insurance program for citizens over 65 and certain other groups of people

Answer 39

Medicare