Micro Unit 6.5 CW: Types of Taxes (Matching)

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4 questions

__________ Tax

__________ Tax

__________ Tax

Draggable item		Corresponding Item
total taxes/total income		tax incidence
intermediary collects the tax and then passes it on to the government		average tax rate
federal tax paid by person who gives a large gift valued over $14,000; progressive; direct		marginal tax rate
all incomes taxed same %		tax bracket
who actually bears the burden of paying tax		direct tax
tax paid by the consumer on a specific good (alcohol, tobacco, gasoline); regressive; indirect; benefit principle		indirect tax
more money you earn, greater % of income you pay in taxes		ability to pay principle
taxes covered by FICA; income for retirees, survivors, disabled; regressive; employers= indirect; employees= direct		proportional tax (flat tax)
tax on income earned (wages, tips, earnings on savings); progressive; direct; based on ability to pay principle		progressive tax
death tax; federal tax on someone who has died; progressive; direct		regressive tax
change in taxes/ change in income		personal income tax
state and local taxation of the value of property; regressive; indirect= landlords, direct=homeowners		sales tax
marginal tax rate (what you pay on your last dollar)		excise tax
tax paid by the consumer on a specific good (alcohol, tobacco, gasoline); regressive; indirect; benefit principle		property tax
philosophy that taxation should be based upon one's ability to pay (rather than amount of benefit received)		social security
less money you earn, greater % of income you pay in taxes		estate tax
collected from person who is being taxed		gift tax