Taxes

The tax you pay when you buy a car.

• Excise tax
• Sales tax
• Property tax
• Gift tax

Salaries and wages represent

• Dividend income
• interest income
• adjustable gross income
• earned income

On the W-4, as a dependent minor, you can claim yourself.  

• True
• False

If you are single and earn $ $20,000 you are in which tax bracket?

• 10%

• 12%

• 24%

• 35%

Tax deductions and tax credits affect your tax liability the same. 

• True
• False

Adjusted gross income plus dividends, minus any deductions, or other adjustments that are allowable in that tax year

• Adjustable gross income

• Tax liability

• Taxable income

• Tax credit

You can itemize your deductions and take the standard deduction when completing your tax return.

• True

• False

Which tax do you pay when you pay FICA or Social security and medicare?

• inheritance tax

• excise tax

• payroll tax

• None of the above

An excise tax is found on all of the following except

• gas

• alcohol

• clothes

• cigarettes

If you knowingly underpay your taxes, the IRS can impose all of the following EXCEPT

• Collecting taxes

• assessing a penalty

• bringing charges ending in imprisonment

• forcing your children to pay

Tags

PFL2.3