Taxes Answers
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The 1040 form is used to record
A
state tax.B
local tax.C
federal tax.D
sales tax.2
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The chart shows taxable income.
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.3
Which are types of income tax that people pay? Check all that apply.
A
federalB
localC
progressiveD
stateE
salesF
flat4
[BLANK]
A
progressive or flatB
regressive or flatC
progressive or regressive5
Social security and medicare are
A
progressive taxes.B
payroll taxes.C
local taxes.D
corporate taxes.6
The image shows a W-2 form.
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.7
What types of information does a W-2 form contain? Check all that apply.
A
how much has been earnedB
how much sales tax has been paidC
how much has been withheld for taxesD
how much property tax has been paidE
how much additional tax is dueF
how much withheld tax will be refunded8
The diagram shows revenue from federal income taxes.
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.9
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.10
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.11
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
$6B
$16C
$60D
$60012
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.Did you find these answers helpful?
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