Income Taxes Quiz

What are federal tax brackets?

• The percentage of income that is taxed by the federal government

• The income ranges that determine the tax rate applied to an individual's income

• The deductions and credits that reduce an individual's taxable income

• The amount of money an individual owes in federal income tax

How is taxable income calculated?

• Total income minus deductions and credits

• Total income multiplied by the tax rate

• Total income divided by the tax rate

• Total income plus deductions and credits

What is state income tax?

• The tax imposed by the federal government on an individual's income

• The tax imposed by the state government on an individual's income

• The tax imposed by the local government on an individual's income

• The tax imposed by the employer on an individual's income

Which government imposes federal income tax?

• State government

• Local government

• Federal government

• Employer

What is the purpose of federal tax brackets?

• To determine the amount of money an individual owes in federal income tax

• To determine the percentage of income that is taxed by the federal government

• To determine the deductions and credits that reduce an individual's taxable income

• To determine the income ranges that determine the tax rate applied to an individual's income

Which of the following is not a subtopic of income taxes?

• Federal tax brackets

• Taxable income calculation

• State income tax

• Property taxes

What is the purpose of state income tax?

• To determine the amount of money an individual owes in federal income tax

• To determine the percentage of income that is taxed by the state government

• To determine the deductions and credits that reduce an individual's taxable income

• To determine the income ranges that determine the tax rate applied to an individual's income

Which government imposes state income tax?

• Federal government

• Local government

• State government

• Employer

What is the federal income tax?

• The amount of money an individual owes in state income tax

• The percentage of income that is taxed by the federal government

• The deductions and credits that reduce an individual's taxable income

• The income ranges that determine the tax rate applied to an individual's income

What is the purpose of income tax calculation?

• To determine the amount of money an individual owes in property taxes

• To determine the percentage of income that is taxed by the government

• To determine the deductions and credits that reduce an individual's taxable income

• To determine the income ranges that determine the tax rate applied to an individual's income