Chapter 10 Quiz #2 PF (20 questions)

What does the Form W-4 estimate?

• How much tax you'll owe based on your personal situation.

• How much income you should be making.

• How much money you'll spend in that

  fiscal year.

• How many tax returns you need to submit.

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

When you buy clothes or check out at the grocery store, you will pay ______________.

• With your tax credit card

• Sales tax

• Excise tax

• Income tax

Property tax, inheritance tax, estate tax, and gift tax are all examples of ______________.

• Income tax

• Family tax

• Paycheck tax

• Wealth tax

When you buy specific items like cigarettes, alcohol, airline tickets or gas, you will pay ______________.

• Income tax

• Sales tax

• Tax liability

• Excise tax

Tags

CCSS.L.11-12.6

CCSS.L.8.6

CCSS.L.9-10.6

CCSS.W.11-12.2D

CCSS.W.9-10.2D

Renting out property or selling content on a blog are examples of _____________.

• Passive income

• Active income

• Salary

• Portfolio income

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

Only a few states have inheritance tax, which . . .

• Is a tax on land, homes, and business property that's paid every year

• Requires you to pay tax on an asset you receive when someone passes away

• Is paid if you sell an inherited gift, like a house

• Is applied to a gift over $15,000

Tags

CCSS.L.11-12.4C

CCSS.L.6.4C

CCSS.L.7.4C

CCSS.L.8.4C

CCSS.L.9-10.4C

Wealth taxes are often dependent on _____________, so it's a good idea to understand the tax rules _______________.

• Your community; of your neighborhood

• If you went to trade school; in your particular field of study

• Where you live; in your state

• Your age; for your generation

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

Consumption tax pays for things everyone gets to enjoy, like . . .

• A thicker wallet

• Parks, libraries, and zoos

• Health insurance premiums

• Private schools

Giving to a non profit organization can help lower your taxable income.

• True

• False

Always keep your filed taxes for at least three years in case the IRS decides to _____________ your tax return.

• Audit

• Review

• Reject

• Submit