tax basics for beginners (taxes 101)\n1. list some (5) services taxes pay for in the united states.\n2. how…
tax basics for beginners (taxes 101)\n1. list some (5) services taxes pay for in the united states.\n2. how is our tax system organized? is it a flat rate?\n3. explain a \progressive tax\\n4. guessing your income from last year- what tax rate (from 2022) would you most likely be paying?
Answer
Brief Explanations:
- In the United States, taxes pay for services such as education (funding public schools), healthcare (Medicaid and Medicare), national defense (military operations and equipment), infrastructure (roads, bridges), and public safety (police and fire - fighting services).
- The US tax system is a combination of federal, state, and local taxes. It is not a flat - rate system. There are different tax brackets for income tax, and different types of taxes (sales, property etc.) have their own structures.
- A progressive tax is a tax system where the tax rate increases as the taxable amount increases. Higher - income earners pay a higher percentage of their income in taxes compared to lower - income earners.
- Without knowing the income amount, it's impossible to accurately determine the tax rate. Tax rates in 2022 for federal income tax in the US ranged from 10% to 37% depending on income levels and filing status.
Answer:
- Education, Healthcare, National Defense, Infrastructure, Public Safety
- It is a combination of federal, state, and local taxes; No
- A tax system where the tax rate increases as the taxable amount increases
- Cannot be determined without income information