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United States Taxation Flashcards | StudBud
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United States Taxation
United States Taxation
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Questions to use to teach tax basics in economics.
Flashcards
33 cards
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Questions
33
Answers
1
On what day will tax freedom day (day we have earned enough $ to pay tax bill) fall this year?
April 18
March 3
May 30
January 25
2
How much does the average person in Michigan pay in sales tax over the course of a year?
$284
$4,920
$904
$1,690
3
A married couple filing jointly pays 39.6% to federal income tax if they make more than:
$200,000
$450,000
$1,000,000
$750,000
4
The top 5% of Americans pay what % of the total tax bill?
5%
56.5%
2.4%
95%
5
What was the federal budget deficit in 2013?
$5.7 Trillion
$39 Million
$968 Million
$642 Billion
6
Michigan is 1 of 7 states with a flat income tax. What % state income tax do Michiganders pay?
12.3%
6%
2.2%
4.25%
7
The top 50% of Americans pay what % of the total tax bill?
97.1%
50.2%
35.3%
67.2
8
What is the income split point that puts you in the top 10% of Americans?
$120,136
$243,820
$74,000
$472,729
9
The top 2 spending categories in Michigan's budget are 76% of the total. 45% medicaid & 31%?
Defense
Elections
Transportation
Education
10
What Supreme Court Justice stated taxes were the price of living in a civilized society?
Oliver Wendell Holmes
Sandra Day O'Connor
Dwight Eisenhower
John Marshall
11
A married couple filing jointly making $60,000 a year would pay what % federal income tax?
15%
2%
40%
25%
12
The top 1% of Americans made 18.7% of the nations income. What % of the tax bill do they pay?
5%
18.7%
51.6%
35.1%
13
The Medicare tax takes away what % of your income? Your employer also pays this amount.
1.45%
6%
15%
10%
14
If all the taxes you pay were compressed into a 9-5 workday, what time would you be tax free?
9:58am
11:13am
2:09pm
12:02pm
15
What is the federal excise tax on cigarettes per pack?
14 cents
$1.5023
$1.0066
56 cents
16
What state ranks 1st in federal spending received per dollar of tax paid?
New Mexico
Iowa
Michigan
New York
17
How many days out of the year do Americans work to pay for Social Security & Medicare?
25
154
70
2
18
If you made over $216,000 in 1981 what % federal tax did you have to pay?
40%
90%
20%
70%
19
Where does Michigan rank in the United States for gasoline tax per gallon?
1st
42nd
24th
6th
20
What day are taxes typically due?
January 1
April 15
May 30
October 1
21
What state has the latest tax freedom day when including state/local taxes?
Colorado
Connecticut
Michigan
Louisiana
22
A married couple filing jointly making $120,000 a year would pay what % federal income tax?
50%
25%
6%
10%
23
What is the federal excise tax on gasoline per gallon?
$1.13
76.1 cents
18.4 cents
0 cents
24
How much per month does the average Sterling Heights household pay in taxes for police?
$26
$58
$98
$142
25
What % of your tax $ goes to entitlements such as soc. security,medicare/aid,welfare & interest
20%
70%
40%
5%
26
What % of your income goes toward social security? Your employer also has to pay this amount.
1%
6.2%
0%
15%
27
What state has the least level of taxation and hits tax freedom day first?
Montana
Illinois
Mississippi
New York
28
What state has the highest cigarette tax of $4.35 per pack?
New York
Virginia
Texas
Kentucky
29
What is the tax rate on indoor tanning?
10%
5%
0%
3%
30
In 1900, Americans paid what percent of their income to taxes?
0%
75%
5.9%
35%
31
How much did Americans pay in federal and state taxes in 2013? (in total dollars)
$4.22 Trillion
$957 Million
$92 Gazillion
$143 Billion
32
What is the highest marginal tax rate that has ever been charged in the United States?
81%
94%
62%
40%
33
How many states DO NOT levy a state income tax?
16
2
0
7
