Problem 1
Use each of the three terms below in a sentence that illustrates the meaning of the term. a. balanced budget b. capital budget c. tax assessor
Problem 1
Explain the relationship between the terms in each of these pairs. a. taxable income tax return b. FICA Social Security c. estate tax gift tax
Problem 1
Explain the difference between the terms in each of these pairs. a. \(\operatorname{tax}\) revenue b. sales tax property tax c. progressive tax regressive tax
Problem 2
What is the difference between mandatory spending and discretionary spending?
Problem 2
Why do governments collect taxes?
Problem 2
What is the difference between an operating budget and a capital budget?
Problem 2
Why is indexing important to taxpayers?
Problem 3
What is the role of the IRS in relationship to federal taxes?
Problem 3
Why is Medicaid an example of an entitlement program?
Problem 4
How does demand elasticity influence the incidence of a tax?
