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Chapter 14. What does FICA fund? Social Security and Medicare.

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Presentation on theme: "Chapter 14. What does FICA fund? Social Security and Medicare."— Presentation transcript:

1 Chapter 14

2 What does FICA fund?

3 Social Security and Medicare

4 What determines “means testing?”

5 income

6 Taxes that pay for older citizens, people with disabilities, and surviving family members of wage earners are called?

7 Social Security

8 What does the government collect from you so it can pay bills as they come due?

9 Income taxes

10 A social welfare program that provides benefits to people who meet a certain eligibility is called?

11 Entitlement benefit

12 A major source of tax revenue for local governments?

13 Property taxes

14 If you pay a tax based on the total bill, this is what kind of tax?

15 proprortional

16 Sales tax is proportional and this

17 regressive

18 How much is your tax if you get taxed 20% of the $40,000 you make?

19 8,000

20 Give an example of a tax deduction.

21 Home mortgage interest, donations, some medical expenses

22 What does FICA fund?

23 Social Security and Medicare

24 Is education spending discretionary or mandatory?

25 discretionary

26 A tax on gas is known as an

27 Excise tax

28 Give an example of mandatory spending

29 Social security

30 What happens to the money your employer takes out of your check?

31 Your employer sends it to the federal government.

32 Is a convenience store tax exempt?

33 no

34 What types of things does AZ spend tax money on?

35 State police, campgrounds, water, education

36 The main source of funding for schools comes from

37 Property tax

38 A tax on the value of money a person has when he dies

39 Estate tax

40 A tax of the same percentage for all income levels

41 Flat tax

42 A tax on money earned

43 Income tax

44 Tax on a company’s profit

45 Corporate income tax

46 Taking tax out of pay before you get it

47 withholding

48 Amounts you can subtract from your income

49 deductions

50 Final burden of a tax is also called…

51 Incidence of a tax

52 Entitlement program that benefits low income families, people with disabilities and elderly

53 medicaid

54 Land and businesses

55 Real property

56 Not subject to taxes is…

57 Tax exempt

58 An official who determines the value of property

59 assessor

60 Income, property or good subject to a tax

61 Individual income tax

62 Form used to file taxes

63 Tax return

64 Use of taxation to discourage certain behaviors

65 Tax incentive

66 National health insurance to pay for health care for elderly

67 medicare

68 Revenue is equal to spending

69 Balanced budget

70 Spending on some programs is required by law

71 Mandatory spending

72 Spending category where government planners can make choices

73 Discretionary spending

74 Tax on imported good

75 tariff

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