Answers2027 Ignite Financial Literacy-Personal Finance - EL3403Planning for the Cost of College

Taxes Answers

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1
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[BLANK]

A
withholding amount
B
income tax
C
tax rate
2
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Read the scenario.Sarah has always been passionate about environmental protection. She decides to volunteer her time and donate to a local organization dedicated to cleaning up parks and promoting recycling in her community. She feels a sense of fulfillment knowing that her efforts are contributing to a cleaner and healthier environment for future generations.What is the primary motivation behind Sarah's volunteer work and donations?

A
to spend more time outdoors in local parks
B
to gain recognition and status in her community
C
to earn tax credits for her charitable contributions
D
to fulfill a personal sense of environmental responsibility
3

Property taxes are based on

A
where a property is located.
B
who lives on a property.
C
how much a property is worth.
D
when a property was purchased.
4

The chart shows a sample paycheck stub.

Question illustration
A
added to employee pay.
B
withheld from employee pay.
C
refunded in employee pay.
D
filed through employee pay.
5

[BLANK]

A
progressive or flat
B
regressive or flat
C
progressive or regressive
6

What types of information does a W-2 form contain? Check all that apply.how much has been earned how much sales tax has been paid how much has been withheld for taxes how much property tax has been paid how much additional tax is due how much withheld tax will be refunded

A
how much has been earned
B
how much sales tax has been paid
C
how much has been withheld for taxes
D
how much property tax has been paid
E
how much additional tax is due
F
how much withheld tax will be refunded
7

Which describes a type of tax that funds city programs?

A
progressive tax
B
federal income tax
C
local income tax
D
medicare tax
8

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?

A
$6
B
$16
C
$60
D
$600
9

In addition to federal income tax, many people also pay

A
corporate tax.
B
state income tax.
C
local medicare tax.
D
local social security tax.
10

The chart shows taxable income.

Question illustration
A
Income is what a person earns, while taxable income reflects deductions subtracted for relevant expenses.
B
Income is what a person earns, while taxable income reflects what is left after paying federal taxes.
C
Income is what a person earns, while taxable income reflects what is left after paying local and state taxes.
D
Income is what a person earns, while taxable income reflects what is received from the IRS in a tax refund.
11

The document shows a 1040 form.

Question illustration
A
state tax.
B
local tax.
C
federal tax.
D
sales tax.
12

Which best summarizes the purpose of a W-4 form?

A
It helps determine the amount of taxes withheld from an individual’s paycheck.
B
It helps determine when taxes are due and if money is owed to the IRS.
C
It helps determine whether a person has dependents who must also pay taxes.
D
It helps determine when a person needs to pay local income taxes.
13

If a new shirt costs $34.99 and the sales tax is $2.10, the sales tax rate is

A
2 percent.
B
4 percent.
C
6 percent.
D
8 percent.
14

The chart shows taxable income.

Question illustration
A
Income is what a person earns, while taxable income reflects deductions subtracted for relevant expenses.
B
Income is what a person earns, while taxable income reflects what is left after paying federal taxes.
C
Income is what a person earns, while taxable income reflects what is left after paying local and state taxes.
D
Income is what a person earns, while taxable income reflects what is received from the IRS in a tax refund.
15

Which are types of income tax that people pay? Check all that apply.

A
federal
B
local
C
progressive
D
state
E
sales
F
flat
16

The diagram shows revenue from federal income taxes.

Question illustration
A
The most revenue comes from individual and payroll taxes.
B
The least revenue comes from individual and corporate taxes.
C
The most revenue comes from payroll and corporate taxes.
D
The least revenue comes from payroll and other taxes.
17

Social security and medicare are

A
progressive taxes.
B
payroll taxes.
C
local taxes.
D
corporate taxes.
18

The document shows a personal allowances worksheet.

Question illustration
A
affect who pays taxes.
B
increase overall taxes.
C
lower overall taxes.
D
affect when to pay taxes.
19

Property taxes are based on

A
where a property is located.
B
who lives on a property.
C
how much a property is worth.
D
when a property was purchased.
20

In addition to federal income tax, many people also pay

A
corporate tax.
B
state income tax.
C
local medicare tax.
D
local social security tax.

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