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United States Taxation 2019 Flashcards | StudBud
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United States Taxation 2019
United States Taxation 2019
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Questions to use to teach tax basics in economics. #economics #taxes
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Questions
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1
Where does Michigan rank in the United States for gasoline tax per gallon?
6th
42nd
1st
24th
2
What state ranks 1st in federal spending received per dollar of tax paid?
New York
Iowa
New Mexico
Michigan
3
The top 2 spending categories in Michigan's budget are 76% of the total. 45% medicaid & 31%?
Defense
Transportation
Education
Elections
4
The top 50% of Americans pay what % of the total tax bill?
97.2%
35.3%
50.2%
67.2
5
What is the federal excise tax on gasoline per gallon?
76.1 cents
0 cents
18.4 cents
$1.13
6
The Medicare tax takes away what % of your income? Your employer also pays this amount.
6%
1.45%
10%
15%
7
How much did Americans pay in federal and state taxes in 2018? (in total dollars)
$957 Million
$143 Billion
$92 Gazillion
$5.2 Trillion
8
How many days out of the year do Americans work to pay for Social Security & Medicare?
154
26
70
2
9
What state has the highest cigarette tax of $4.35 per pack?
Virginia
New York
Texas
Kentucky
10
How many years out of the last 50 have taxes been insufficient to cover government expenses?
45
15
25
35
11
A married couple filing jointly making $120,000 a year would pay what % federal income tax?
10%
6%
22%
50%
12
What was the federal budget deficit in 2018?
$830 Billion
$39 Million
$968 Million
$5.7 Trillion
13
What state has the latest tax freedom day when including state/local taxes?
Michigan
Louisiana
New York
Colorado
14
How much interest did the federal government pay on its national debt in 2015?
$2.29 Billion
$22.9 Billion
$229 Billion
$2.29 Trillion
15
Total federal government tax revenue in 2015?
$31.8 Billion
3.18 Trillion
$3.18 Billion
$318 Billion
16
What Supreme Court Justice stated taxes were the price of living in a civilized society?
John Marshall
Oliver Wendell Holmes
Sandra Day O'Connor
Dwight Eisenhower
17
What is the federal excise tax on cigarettes per pack?
56 cents
$1.0066
14 cents
$1.5023
18
A married couple filing jointly making $60,000 a year would pay what % federal income tax?
2%
25%
40%
12%
19
What day are taxes typically due?
May 30
January 1
October 1
April 15
20
What % of federal budget is mandatory spending (not part of the annual appropriation process)?
45%
25%
65%
6.5%
21
Discretionary spending is 29% of the budget, $1.1 Trillion. What category is over half of that?
Food & Agriculture
International Affairs
Energy & Environment
Military
22
What is the highest marginal tax rate that has ever been charged in the United States?
62%
81%
40%
94%
23
A married couple filing jointly pays 37% to federal income tax if they make more than:
$1,000,000
$600,000
$750,000
$200,000
24
The top 1% of Americans made 20.7% of the nations income. What % of the tax bill do they pay?
18.7%
5%
39%
51.6%
25
What % of the U.S. economy, as measured by GDP, is the federal budget?
2.1%
21%
41%
11%
26
What % of your tax $ goes to entitlements such as soc. security,medicare/aid,welfare & interest
40%
70%
20%
5%
27
In 1935 American began seeing FICA taken out of paychecks. What does FICA pay for?
Military
National Parks
Interest on the debt
Social Security & Medicare
28
How much per month does the average Sterling Heights resident pay in taxes for police?
$20
$58
$142
$98
29
If all the taxes you pay were compressed into a 9-5 workday, what time would you be tax free?
2:09pm
9:58am
12:02pm
11:13am
30
How much does the federal government spend, on average, for every man, woman,& child in the US?
$1,200
$12,000
$32,000
$22,000
31
What state has the least level of taxation and hits tax freedom day first?
Connecticut
Montana
Louisiana
Illinois
32
Michigan is 1 of 7 states with a flat income tax. What % state income tax do Michiganders pay?
4.25%
2.2%
6%
12.3%
33
How much do tax breaks like the home mortgage interest deduction decrease gov revenue annually?
$1.22 Trillion
$12.2 Trillion
$122 Billion
$1.22 Billion
34
% of federal government tax revenue coming from payroll taxes (Social Security & Medicare).
3.4%
34%
54%
14%
35
How much does the average person in Michigan pay in sales tax over the course of a year?
$284
$1,690
$922
$4,920
36
What % of federal tax revenues come from individual income taxes?
27%
77%
17%
47%
37
What is the income split point that puts you in the top 10% of Americans?
$243,820
$472,729
$138,031
$74,000
38
How many states DO NOT levy a state income tax?
0
2
16
7
39
On what day will tax freedom day (day we have earned enough $ to pay tax bill) fall this year?
March 3
April 19
May 30
January 25
40
What % of federal spending is Trump asking for to build a wall?
21%
.11%
1.1%
11%
41
In 1900, Americans paid what percent of their income to taxes?
0%
5.9%
35%
75%
42
If you made over $216,000 in 1981 what % federal tax did you have to pay?
40%
20%
70%
90%
43
The top 5% of Americans pay what % of the total tax bill?
2.4%
59.6%
95%
5%
44
What % of your income goes toward social security? Your employer also has to pay this amount.
15%
0%
6.2%
1%
