Taxes Review

Which is an important service that the government provides using the taxes collected by American taxpayers

• Medicare

• The Military

• Fire protection

• all of the above

Of the 4 major categories of taxes, which is the main source of income for the federal government?

• Tax on purchases

• tax on property

• tax on earnings

• tax on wealth

Sales taxes are collected by ____________ government(s).

• state

• state and local

• state and federal

• federal

A tax on specific goods and services (such as gasoline, air travel) is known as: _____________

• excise tax

• income tax

• estate tax

• property tax

Real estate property tax is a major source of income for _________ government(s).

• state and local

• local

• federal

• state and federal

A federal tax collected on the value of a person's property at the time of his or her death is known as __________ tax.

• postmortem property

• income

• estate

• property

The tax on wages, salaries, and self-employed earnings is called a(n) _________ tax.

• income

• property

• sales

• wealth

What form do you receive from your employer each year to file your taxes?

• 1040EZ

• W-4

• WD-40

• W-2

Earned income, interest income, and dividend income are 3 components of ____________.

• adjusted gross income

• gross income

• taxable income

• income categories

Medical and dental expenses, taxes, interest, and contributions are all examples of what type of deduction?

• itemized deductions

• taxable reductions

• standard exemptions

• standard deduction