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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. #economics #taxes
Flashcards
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Questions
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Answers
1
What % of your income goes toward social security? Your employer also has to pay this amount.
6.2%
15%
1%
0%
2
If all the taxes you pay were compressed into a 9-5 workday, what time would you be tax free?
2:09pm
12:02pm
11:13am
9:58am
3
What % of your tax $ goes to entitlements such as soc. security,medicare/aid,welfare & interest
70%
40%
5%
20%
4
What is the tax rate on indoor tanning?
0%
5%
10%
3%
5
What is the federal excise tax on gasoline per gallon?
0 cents
18.4 cents
76.1 cents
$1.13
6
A married couple filing jointly pays 39.6% to federal income tax if they make more than:
$450,000
$200,000
$750,000
$1,000,000
7
What state has the highest cigarette tax of $4.35 per pack?
Texas
Virginia
New York
Kentucky
8
The top 5% of Americans pay what % of the total tax bill?
2.4%
5%
56.5%
95%
9
The top 50% of Americans pay what % of the total tax bill?
97.1%
35.3%
50.2%
67.2
10
What is the federal excise tax on cigarettes per pack?
56 cents
$1.5023
14 cents
$1.0066
11
How much did Americans pay in federal and state taxes in 2013? (in total dollars)
$143 Billion
$4.22 Trillion
$957 Million
$92 Gazillion
12
What state ranks 1st in federal spending received per dollar of tax paid?
Iowa
New Mexico
Michigan
New York
13
What is the income split point that puts you in the top 10% of Americans?
$74,000
$472,729
$243,820
$120,136
14
A married couple filing jointly making $60,000 a year would pay what % federal income tax?
15%
25%
2%
40%
15
How many days out of the year do Americans work to pay for Social Security & Medicare?
154
25
70
2
16
On what day will tax freedom day (day we have earned enough $ to pay tax bill) fall this year?
January 25
May 30
March 3
April 18
17
How many states DO NOT levy a state income tax?
0
2
16
7
18
What was the federal budget deficit in 2016?
$5.7 Trillion
$39 Million
$968 Million
$ 14.1 Trillion
19
What day are taxes typically due?
October 1
January 1
April 15
May 30
20
The top 1% of Americans made 18.7% of the nations income. What % of the tax bill do they pay?
18.7%
51.6%
5%
35.1%
21
A married couple filing jointly making $120,000 a year would pay what % federal income tax?
25%
50%
6%
10%
22
The Medicare tax takes away what % of your income? Your employer also pays this amount.
1.45%
10%
6%
15%
23
In 1900, Americans paid what percent of their income to taxes?
0%
35%
75%
5.9%
