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Con. Ed Ch. 5 Review

QuestionAnswer
T/F: According to the ability to pay principle of taxation, people who have higher incomes should pay a larger share of their income in tax. True
T/F: Your W-4 helps your employer know how much to withhold from your pay. True
T/F: The people whom you support financially, such as children, are dependents. True
T/F: The law that requires worker to contribute to social security and Medicare is the Federal Insurance Contributions Act. True
T/F: Gross income is the amount you receive after withholdings are subtracted from your gross pay. False
T/F: It is financially beneficial to save your money in a bank rather than let your employer withhold more taxes than you think you will owe for the year. True
Most young people do not qualify to use the simplest of the income tax forms, 1040 EZ. False
The federal agency that collects taxes is the Internal Revenue Service. True
The IRS will impose a fine on any taxpayer who fails to sign his or her tax return before it is filed. False
Employers pay twice as much social security and Medicare than each employee does. False
Taxes on property that will be inherited from a deceased person are called _____. a. property taxes b. estate taxes c. excise taxes d. tariffs b. estate taxes
The amount you earn before taxes are withheld is your ____. a. gross income b. net income c. disposable income d. taxable income a. gross income
Employers must withhold from your paycheck ____. a. sales taxes b. excise taxes c. social security taxes d. tariffs c. social security taxes
Janette wants to take her family on a vacation to Orlando, Florida, where she expects to rent a car. The tax imposed on gasoline and airline travel is what type of tax? a. public good tax b. business tax c. excise tax d. sales tax c. excise tax
Last year Pilar earned $32,200 before taxes working as a police officer. She also earned $9,600 before taxes working part-time on the weekends as a security guard. She had no other income during the year. The $41,800 she earned before taxes is known as he b. adjusted gross income
The number of ____ you claim on your W-4 determines the amount of money withheld from your pay. a. principles b. refunds c. allowances d. deductions c. allowances
A set of forms that taxpayer use to calculate their tax obligation is a ____. a. W-4 b. W-2 c. tax return d. bank statement c. tax return
Created by: lojagray45
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