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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
26 cards
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Questions
26
Answers
1
What is the tax rate on indoor tanning?
5%
0%
3%
10%
2
The Medicare tax takes away what % of your income? Your employer also pays this amount.
1.45%
15%
10%
6%
3
In 1900, Americans paid what percent of their income to taxes?
75%
5.9%
0%
35%
4
The top 50% of Americans pay what % of the total tax bill?
50.2%
35.3%
97.1%
67.2
5
What is the current total local sales tax rate in Hebron, NE
6.5%
Same as the state 5.5%
4.3%
6
What state ranks 1st in federal spending received per dollar of tax paid?
Michigan
New York
Iowa
New Mexico
7
What is the income split point that puts you in the top 10% of Americans?
$74,000
$243,820
$120,136
$472,729
8
How many days out of the year do Americans work to pay for Social Security & Medicare?
154
70
2
25
9
A married couple filing jointly making $60,000 a year would pay what % federal income tax?
15%
25%
40%
2%
10
If all the taxes you pay were compressed into a 9-5 workday, what time would you be tax free?
12:02pm
2:09pm
9:58am
11:13am
11
What is the federal excise tax on gasoline per gallon?
76.1 cents
18.4 cents
$1.13
0 cents
12
What Supreme Court Justice stated taxes were the price of living in a civilized society?
Sandra Day O'Connor
Oliver Wendell Holmes
John Marshall
Dwight Eisenhower
13
If you made over $216,000 in 1981 what % federal tax did you have to pay?
90%
70%
40%
20%
14
How much did Americans pay in federal and state taxes in 2013? (in total dollars)
$143 Billion
$92 Gazillion
$4.22 Trillion
$957 Million
15
A married couple filing jointly making $120,000 a year would pay what % federal income tax?
6%
50%
25%
10%
16
What % of your tax $ goes to entitlements such as soc. security,medicare/aid,welfare & interest
5%
40%
20%
70%
17
How many states DO NOT levy a state income tax?
16
2
7
0
18
What state has the highest cigarette tax of $4.35 per pack?
Virginia
Texas
New York
Kentucky
19
A married couple filing jointly pays 39.6% to federal income tax if they make more than:
$750,000
$450,000
$200,000
$1,000,000
20
What % of your income goes toward social security? Your employer also has to pay this amount.
1%
6.2%
15%
0%
21
What was the federal budget deficit in 2013?
$642 Billion
$968 Million
$39 Million
$5.7 Trillion
22
What day are taxes typically due?
January 1
May 30
October 1
April 15
23
What is the federal excise tax on cigarettes per pack?
14 cents
$1.5023
56 cents
$1.0066
24
What state has the least level of taxation and hits tax freedom day first?
Illinois
New York
Montana
Mississippi
25
The top 5% of Americans pay what % of the total tax bill?
95%
56.5%
5%
2.4%
26
What is the highest marginal tax rate that has ever been charged in the United States?
94%
40%
62%
81%
