Paying Taxes Answers

This pie chart shows the sources of federal tax revenue.

Revenue from property taxes is used to fund

Davis’s net paycheck is $2,920.50.Type of TaxAmountFederal$945.00State$225.00Medicare$65.25Social Security$344.25

How is gross income different from net income?

Marco makes $65,000 a year as a graphic designer. He makes a charitable donation of $1,000 each year. He also has $5,000 of business-related expenses, including travel and materials.What is Marco’s taxable income?

Why does an excise tax on gasoline exist? Check all that apply.

Jennie is 50 years old. After experiencing a major health issue, she had to quit her job and has been unable to return to work for more than a year. She still sees a doctor regularly for ongoing care.Which benefit would Jennie use for health assistance?

The act of purposely failing to pay taxes is known as

Income taxes are taxes that are paid on

Two years ago, Elena purchased a condo. She has made some improvements on it, which increased the value of the property. Property tax in her community is 1.25%.This table shows the value of Elena’s condo over the last three years.Value of property at purchase Value of property last yearValue of property today$187,200$188,550$190,000