Micro Unit 6.5 CW: Types of Taxes (Matching)

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4 questions

1

__________ Tax

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1

__________ Tax

1

__________ Tax

1

__________ Tax

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

__________ Tax

__________ Tax

intermediary collects the tax and then passes it on to the government

tax incidence

state and local taxation of the value of property; regressive; indirect= landlords, direct=homeowners

average tax rate

marginal tax rate (what you pay on your last dollar)

marginal tax rate

who actually bears the burden of paying tax

tax bracket

taxes covered by FICA; income for retirees, survivors, disabled; regressive; employers= indirect; employees= direct

direct tax

less money you earn, greater % of income you pay in taxes

indirect tax

collected from person who is being taxed

ability to pay principle

change in taxes/ change in income

proportional tax (flat tax)

all incomes taxed same %

progressive tax

total taxes/total income

regressive tax

death tax; federal tax on someone who has died; progressive; direct

personal income tax

tax paid by the consumer on a specific good (alcohol, tobacco, gasoline); regressive; indirect; benefit principle

sales tax

tax on income earned (wages, tips, earnings on savings); progressive; direct; based on ability to pay principle

excise tax

philosophy that taxation should be based upon one's ability to pay (rather than amount of benefit received)

property tax

federal tax paid by person who gives a large gift valued over $14,000; progressive; direct

social security

more money you earn, greater % of income you pay in taxes

estate tax

tax paid by the consumer on a specific good (alcohol, tobacco, gasoline); regressive; indirect; benefit principle

gift tax