Personal Finance Taxes

Individuals pay a variety of taxxes to the government, but businesses do not.

• True
• False

The federal government does not impose a sales tax.

• True
• False

Real estate taxes are relatively constant from state to state and even city to city.

• True
• False

The tax rate a person must pay is not affected by the person's total earned income.

• True
• False

Which of the following sources of income would NOT be counted as part of an individual's gross income?

• child support payments received
• tips
• sales of assets
• revenue from rental properties

________ are also known as FICA.

• Local taxes
• Real estate taxes
• Medicare and Social Security taxes
• Federal Income taxes

The deadline for filing your federal tax return each year is _____.

• January 1st
• December 15th
• March 15th
• April 15th

Federal income taxes, state income taxes, and Social Security withholdings are all ____.

• payroll taxes
• sales taxes
• real estate taxes
• capital taxes

In general, the more money a person earns, the _____ he or she must pay taxes.

• less frequently
• more frequently
• higher the rate is at which
• lower the rate is at which

In general, which type of tax is typically used to fund local schools?

• payroll tax
• real estate tax
• sales tax
• income tax