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#1
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A. benefits to federal workers and military personnelB. benefits to those who are unemployedC. transportation and training expenses for low-income peopleD. benefits to older citizens, surviving family members of wage earners, and people with certain disabilitiesWhich of the following is one reason the federal government collects income taxes as a person earns?A. so that people do not realize exactly how much they are payingB. so that the money can be put aside until it is neededC. so that the government can pay bills as they come dueD. so that taxpayers can qualify for refunds of excess taxAll of the following are constitutional limits on the power to tax EXCEPT thatA. tax money must not go to individual interests.B. federal taxes must be the same in every state.C. imports must not be taxed.D. exports must not be taxed.Your department store receipt says that you paid a 5% sales tax on sports equipment. This sales tax is an example of aA. proportional tax.B. progressive tax.C. regressive tax.D. income tax.Suppose your total taxable income this year is $75,000. You are taxed at a rate of 10% on the first $25,000, 20% on the next $25,000, and 30% on the final $25,000. What is your total income tax?A. $2,500B. $7,500C. $15,000D. $25,00The demand for cable television is relatively elastic, since if the price gets too high, people will rent DVDs or videos instead of watching cable. Who is likely to bear the incidence of a 10 percent tax on cable television?A. the consumerB. the producerC. the consumer and producer equallyD. the governmentWhen you drive away from the gas pump, you have just paid a(n)A. import fee.B. excise tax.C. corporate income tax.D. estate tax.
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#2
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What do Social Security taxes pay for?All of the above. SS tax receipts go into the general fund. Everything the Federal Government spends on is funded in part by SS taxes.(It's supposed to be (D) and a lot of people will tell you so. If this is a school thing, use (D)Which of the following is one reason the federal government collects income taxes as a person earns?A. Best answer - so that people do not realize exactly how much they are payingC. so that the government can pay bills as they come due is probably the "right" answer.All of the following are constitutional limits on the power to tax EXCEPT thatD. exports must not be taxed.Your department store receipt says that you paid a 5% sales tax on sports equipment. This sales tax is an example of aA. proportional tax.Suppose your total taxable income this year is $75,000. You are taxed at a rate of 10% on the first $25,000, 20% on the next $25,000, and 30% on the final $25,000. What is your total income tax?C. $15,000The demand for cable television is relatively elastic, since if the price gets too high, people will rent DVDs or videos instead of watching cable. Who is likely to bear the incidence of a 10 percent tax on cable television?C. - ish. The consumer and producer, but not equally. Also, everyone else in the economy, even if they don't have cable. Paying the cable tax means I spend less on something else - maybe what YOU do for a living.When you drive away from the gas pump, you have just paid a(n)B is no-doubt the answer you seek but C is correct, too. The company's taxes ARE folded into the price you pay. Corporations don't really pay taxes, they collect them from their customers. A as well if there's a levee on fuel imports. (I don't think there is right now)
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