Taxes Part 3 Flashcards
(39 cards)
Employers and employees pay how much of employee income
1-45%
Program that is funded by federal and state taxes, that is administered by states
Unemployment compensation
Unemployment tax applies to the first $________ earned by an employee
7000
Under normal times and individual can collect unemployment benefits for a maximum of ________
26 weeks
What did congress pass after the recession to extend the that duration of 72 weeks
Emergency benefit program
Government imposes what on various forms of income and wealth in order to raise the revenue to provide public goods and various other services
Taxes
A form of wealth such as income, property, goods or services that is subject to taxes
Tax base
Based on an individual’s income from all sources
Individual income tax
Based on a corporations profits
Corporate income tax
Based on the value of goods or services at the time of sale
Sales tax
Based on the value of an individual’s or business assets
Property tax
Pay property tax based on the value of their buildings and the land on which the buildings stand
Homeowners and business owners
Property tax may also be imposed on the other assets such as what
Automobiles
Takes the same percent of income from all taxpayers
Proportional tax
Prices a higher % rate of taxation on high income people
Progressive tax
Takes a larger % of income from low income people
Aggressive tax
States with what kind of taxes generally charge rates from three to five % of income
Flat taxes
Cities and countries with what kind of taxes change about 1-3% of income
Proportional taxes
Federal income tax is what kind of tax
Progressive tax
The programs and services the federal govt. funds with tax revenue are divided into what two categories
Mandatory spending
Discretionary spending
Required by law
Mandatory spending
Has to be authorized
Discretionary spending
Makes up well over half of all federal spendings
Mandatory spending
Most of mandatory spendings are in the form of what
Entitlements
