AnswersHSA 26-27 EconomicsEmployment and Education

Taxes Answers

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1
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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.
2
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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.
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 1040 form is used to record

Question illustration
A
state tax.
B
local tax.
C
federal tax.
D
sales tax.
5

The image shows a W-2 form.

Question illustration
A
It shows how much a person paid in taxes, and how much more is due.
B
It shows how much a person earned, and how much was withheld in taxes.
C
It shows how much a person earned, and how much tax is to be refunded.
D
It shows how much a person paid in taxes, and whether they have a spouse.
6

Social security and medicare are

A
progressive taxes.
B
payroll taxes.
C
local taxes.
D
corporate taxes.
7

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
8

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.
9

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.
10

[BLANK]

A
withholding amount
B
income tax
C
tax rate
11

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?

A
$50
B
$500
C
$5,000
D
$50,000
12

A federal payroll tax that supports retired workers is

A
progressive tax.
B
sales tax.
C
corporate tax.
D
social security tax.
13

Which describes a type of tax that funds city programs?

A
progressive tax
B
federal income tax
C
local income tax
D
medicare tax
14

[BLANK]

A
progressive or flat
B
regressive or flat
C
progressive or regressive
15

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.
16

Sales tax is calculated

A
based on the number of items purchased.
B
using a percentage of the price of an item.
C
before a sale discount is applied.
D
as a percentage based on federal law.
17

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
18

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
19

Read the scenario.Jamal is passionate about education and believes that everyone should have access to quality learning opportunities. He decides to donate to a local nonprofit organization that provides scholarships to underprivileged students. During tax season, Jamal finds out that his charitable donations impacts his taxes.How does Jamal's charitable donation to the nonprofit organization impact his taxes?

A
The donation reduces Jamal's taxable income, lowering the total amount of owed taxes.
B
The donation does not affect Jamal's taxes at all, as it is not a tax-deductible contribution.
C
The donation increases Jamal's tax refund, as the organization provides him with a tax credit.
D
The donation results in Jamal owing more in taxes, as it is considered additional income.
20

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.

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