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Types of Taxes Questions and Answers 100% Accurate
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Exam of 2 pages for the course taxes at taxes (Types of Taxes)
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Types of TaxesProgressive Taxes - answer- a tax that takes a larger % of income from high-income
groups than low-income groups
- the tax rate increases as the taxable income increases
*Federal Income Tax*
Regressive Taxes - answer- a tax that takes a larger % of income from low-income
groups tan from high-income groups
- everyone, regardless of income level, pays the same fixed amount
*Excise Tax*
Proportional Taxes - answer- a tax that takes the same % of income from all income
groups (also referred to as flat tax)
*Medicare*
Sales Tax - answer- a tax added to the price of goods and services at the time of
purchase
- largest source of revenue for state gov't
- rate varies from state to state (state tax holiday)
Excise Tax - answer- a tax on the manufacture or sale of certain items, such as
gasoline and liquor
- automatically included in price
Property Tax - answer- a tax levied by local gov'ts based on the value of property you
own
-largest source of revenue for local gov't
Estate & Inheritance Taxes - answer- a tax the gov't levies on the transfer of property
when a person dies
- estates less than $5,340,000 are exempt
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