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Duplicate of United States Taxation Flashcards | StudBud
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Duplicate of United States Taxation
Duplicate of United States Taxation
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Questions to use to teach tax basics in economics.
Flashcards
28 cards
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Practice quiz
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Questions
28
Answers
1
What % of your tax $ goes to entitlements such as soc. security,medicare/aid,welfare & interest
70%
40%
5%
20%
2
If all the taxes you pay were compressed into a 9-5 workday, what time would you be tax free?
9:58am
12:02pm
2:09pm
11:13am
3
A married couple filing jointly pays 37% to federal income tax if they make more than:
$200,000
$1,000,000
$750,000
$450,000
4
What % of your income goes toward social security? Your employer also has to pay this amount.
0%
6.2%
15%
1%
5
What state has the latest tax freedom day when including state/local taxes?
Connecticut
Colorado
Louisiana
Michigan
6
The Medicare tax takes away what % of your income? Your employer also pays this amount.
10%
1.45%
15%
6%
7
A married couple filing jointly making $60,000 a year would pay what % federal income tax?
40%
12%
2%
25%
8
What is the highest marginal tax rate that has ever been charged in the United States?
94%
81%
40%
62%
9
What state has the highest cigarette tax of $4.35 per pack?
Texas
Kentucky
New York
Virginia
10
What state ranks 1st in federal spending received per dollar of tax paid?
New Mexico
New York
Michigan
Iowa
11
How many days out of the year do Americans work to pay for Social Security & Medicare?
154
70
25
2
12
What Supreme Court Justice stated taxes were the price of living in a civilized society?
Sandra Day O'Connor
John Marshall
Dwight Eisenhower
Oliver Wendell Holmes
13
The top 50% of Americans pay what % of the total tax bill?
97.1%
67.2
50.2%
35.3%
14
In 1900, Americans paid what percent of their income to taxes?
35%
0%
5.9%
75%
15
What is the income split point that puts you in the top 10% of Americans?
$472,729
$74,000
$243,820
$120,136
16
What was the federal budget deficit in 2013?
$968 Million
$642 Billion
$39 Million
$5.7 Trillion
17
If you made over $216,000 in 1981 what % federal tax did you have to pay?
90%
20%
40%
70%
18
The top 5% of Americans pay what % of the total tax bill?
2.4%
95%
56.5%
5%
19
On what day will tax freedom day (day we have earned enough $ to pay tax bill) fall this year?
January 25
March 3
May 30
April 18
20
The top 1% of Americans made 18.7% of the nations income. What % of the tax bill do they pay?
35.1%
51.6%
18.7%
5%
21
What day are taxes typically due?
January 1
October 1
May 30
April 15
22
What state has the least level of taxation and hits tax freedom day first?
New York
Illinois
Mississippi
Montana
23
What is the tax rate on indoor tanning?
3%
0%
5%
10%
24
What is the federal excise tax on cigarettes per pack?
56 cents
$1.5023
$1.0066
14 cents
25
What is the federal excise tax on gasoline per gallon?
$1.13
0 cents
18.4 cents
76.1 cents
26
A married couple filing jointly making $120,000 a year would pay what % federal income tax?
22%
10%
50%
6%
27
How many states DO NOT levy a state income tax?
16
7
0
2
28
How much did Americans pay in federal and state taxes in 2013? (in total dollars)
$143 Billion
$4.22 Trillion
$92 Gazillion
$957 Million
