AnswersHSA 26-27 EconomicsTaxes

Taxes Answers

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1
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A federal payroll tax that supports retired workers is

A
progressive tax.
B
sales tax.
C
corporate tax.
D
social security tax.
2
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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.
3

[BLANK]

A
progressive or flat
B
regressive or flat
C
progressive or regressive
4

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.
5

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.
6

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
7

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.
8

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.
9

The document shows a 1040 form.

Question illustration
A
state tax.
B
local tax.
C
federal tax.
D
sales tax.
10

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.
11

[BLANK]

A
withholding amount
B
income tax
C
tax rate
12

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.
13

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.

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