chapter 9 source of government revenue 9-2 the federal tax ... · 9-2 the federal tax system . ca...
TRANSCRIPT
CA Standards:
12.3 Students analyze the influence of the federal government on the American economy.
Objectives:
• Explain the progressive nature of the individual income tax.
• Explain the nature of FICA taxes.
• Describe the importance of the corporation tax structure.
• Identify other major sources of federal revenue.
Read pages 222 - 226Economics: Principles & PracticesPrepare for Open notebook Quiz
Write definition of key terms found on page 222 Use glossary in textbook
Key Terms page 216
Individual Income Tax
Payroll With-holding System
Internal Revenue Service
Tax Return
Indexing
FICA
Medicare
Corporate Income Tax
Excise Tax
Estate Tax
Gift Tax
The federal government collects taxes from a number of sources. The most important
revenue sources are individual income taxes, Social Security taxes, and corporate income taxes.
1. What are the three most important sources of revenue for the federal government?
- Individual income taxes
- FICA or Social Security taxes
- Corporate income taxes
6. What are five other forms of federal taxation?
- Excise taxes
- Estate taxes
- Gift taxes
- Custom duties
- User fees