How Credit Works

Question 1

In addition to federal income tax, many people also pay

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state income tax.

Question 2

Which describes a type of tax that funds city programs?

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local income tax

Question 3

A federal payroll tax that supports retired workers is

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social security tax.

Question 4

[BLANK]

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tax rate

Question 5

If a home is valued at $250,000 and the property tax rate is 2 percent, how much will the owners pay in property taxes?

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$5,000

Question 6

If Massachusetts has a sales tax of 6 percent and New Hampshire has no sales tax, how much money can be saved by buying a $1,000 television in New Hampshire?

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$60

Question 7

The chart shows taxable income.

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Income is what a person earns, while taxable income reflects deductions subtracted for relevant expenses.

Question 8

The 1040 form is used to record

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federal tax.

Question 9

Sales tax is calculated

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using a percentage of the price of an item.

How Credit Works Answers

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