Con. Ed Ch. 5 Review
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| 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
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| T/F: Your W-4 helps your employer know how much to withhold from your pay. | True
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| T/F: The people whom you support financially, such as children, are dependents. | True
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| T/F: The law that requires worker to contribute to social security and Medicare is the Federal Insurance Contributions Act. | True
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| T/F: Gross income is the amount you receive after withholdings are subtracted from your gross pay. | False
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| 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
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| Most young people do not qualify to use the simplest of the income tax forms, 1040 EZ. | False
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| The federal agency that collects taxes is the Internal Revenue Service. | True
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| The IRS will impose a fine on any taxpayer who fails to sign his or her tax return before it is filed. | False
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| Employers pay twice as much social security and Medicare than each employee does. | False
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| 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
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| 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
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| Employers must withhold from your paycheck ____. a. sales taxes b. excise taxes c. social security taxes d. tariffs | c. social security taxes
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| 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
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| 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
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| 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
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| 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
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