Question

Match the taxes and their descriptions.

a. income tax
b. sales tax
c. real estate property tax
d. excise tax

Pairs
a. payable on salaries to both the federal government and state governments
b. payable to local governments by homeowners
c. a federal tax on certain items such as gasoline
d. payable by consumers on goods and services they purchase

Answer 1

Taxes are matched with their descriptions: a. Income tax - payable on salaries, b. Real estate property tax - payable by homeowners, c. Excise tax - federal tax on specific items, d. Sales tax - payable by consumers on purchases.

Step-by-step explanation:

The matching of taxes and their descriptions is as follows:

1. Income tax (a) is payable on salaries to both the federal government and state governments.
2. Sales tax (d) is payable by consumers on goods and services they purchase.
3. Real estate property tax (b) is payable to local governments by homeowners.
4. Excise tax (c) is a federal tax on certain items such as gasoline.

Taxes are crucial for funding various government services at the federal, state, and local levels. For example, income taxes are collected by the government to fund services such as emergency services, schools, and roads. Sales taxes are added to the price of goods and services at the time of purchase. Property taxes are levied by local governments based on the value of real estate property owned. Finally, excise taxes are levied on specific goods, such as gasoline, and are often included in the price of the product.