AnswersDBN Personal FinanceCareers, Salaries, and Lifetime Income

Careers, Salaries, and Lifetime Income Answers

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1
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If an individual overpays taxes throughout the year, then after filing taxes he or she will receive

a
a deduction.
a
a refund.
a
additional withholdings.
e
earnings.
2
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Revenue from property taxes is used to fund

p
public schools and other services.
h
highway repairs and pollution controls.
S
Social Security and Medicare.
m
medical research and development.
3

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?

A
Medicaid
B
Medicare
C
Corrections
D
Social Security
4

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

A
$2,920.50
B
$2,985.75
C
$4,090.50
D
$4,500.00
5

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

A
to make gasoline prices more competitive
B
to provide funding for healthcare services and education
C
to discourage travel by automobile by making gasoline more expensive
D
to fund highway repairs and other special projects
E
to discourage the use of alternative modes of transportation
6

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

$
$2,340.00
$
$2,356.88
$
$2,375.00
$
$2,382.88
7

Van and her brother Trung both own homes valued at $175,000. Both pay property taxes at 1.25% and pay annual taxes of $2,187.50. They live in different neighborhoods. Van’s property value is expected to increase by 5% next year.Trung’s property value is expected to increase by 3%.How will these changes affect their property taxes? Check all that apply.Van’s property tax will increase.Trung’s property tax will be less than Van’s.Trung’s property tax will decrease compared to Van’s.Van’s property tax will be less than Trung’s. Trung’s property tax will increase.

A
Van’s property tax will increase.
B
Trung’s property tax will be less than Van’s.
C
Trung’s property tax will decrease compared to Van’s.
D
Van’s property tax will be less than Trung’s.
E
Trung’s property tax will increase.
8

Which statements about payroll taxes are true? Check all that apply.Education and infrastructure receive a portion of the funds from payroll taxes.Everyone pays the same percentage, regardless of income. Payroll taxes are progressive based on income. Payroll taxes support Social Security and Medicare. Employers pay a set percentage of payroll taxes.

A
Education and infrastructure receive a portion of the funds from payroll taxes.
B
Everyone pays the same percentage, regardless of income.
C
Payroll taxes are progressive based on income.
D
Payroll taxes support Social Security and Medicare.
E
Employers pay a set percentage of payroll taxes.
9

At tax season, an individual who has withheld too little in taxes can expect

p
prosecution by the IRS.
a
a heavy refund.
a
additional withholdings.
a
a large tax bill.
10

Which statements about sales taxes are true? Check all that apply. They are collected by state and local governmentsThe tax rate changes from state to state and city to city.Failure to pay sales tax can result in the government seizing the property. The more something costs, the greater the dollar amount paid in sales tax. Sales taxes are taxes on purchased goods.

A
They are collected by state and local governments
B
The tax rate changes from state to state and city to city.
C
Failure to pay sales tax can result in the government seizing the property.
D
The more something costs, the greater the dollar amount paid in sales tax.
E
Sales taxes are taxes on purchased goods.
11

How is gross income different from net income?

A
Gross income and net income include all the money you have made.
B
Gross income and net income are the same, except net income is only reported on tax forms.
C
Gross income is how much money you want to make, while net income is your taxable income.
D
Gross income is how much money you make, while net income is your gross income minus deductions.

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