Income & Taxes

Which of the following is an example of progressive tax in the United States?

• airport tax

• property tax

• sales tax

• income tax

What primarily determines the jobs that are available in our system?

• demand

• supply

• government influence

• monetary policy

What is the difference in earned in unearned income?

• Unearned income is income you make from a salary

• Unearned income is money you make from a job that pays a wage

• Earned income is money you make from a job that pays wages or salaries

• Earned income is money you make without having to work for it.

A fixed annual amount of gross pay you earn from a job.

• wage

• salary

• wealth

• net income

Time worked beyond your regular working hours.

• Tipes

• Salary

• Overtime

• Wealth

Which of the following would reduce your taxable income?

• claiming a dependent on your W-2

• Having your retirement taken out of your check before taxes is withdrawn (tax diferment)

• Contributing to a "flex" savings account for medical or dental expenses.

• All of these would reduce your taxable income

How does the government use our taxes?

• For public works and public services

• For education

• For government activities, foreign aid, and homeland defense.

• All of these are ways in which the government uses our taxes

Which of the following statements about taxation is FALSE?

• Medicare tax is a FICA tax and a payroll tax.

• Social Security Tax comes out of your checking account each month.

• You are required to pay income tax based upon a tax bracket which is based upon your annual income.

• You can avoid paying income tax IF you make less than your standard deduction.

Your taxes MUST be filed no later than...

• June 19th

• April 15th

• March 17th

• November 11th.

Which agency is in charge of collecting taxes and issuing tax returns?

• Federal Bureau of Investigation

• Naval Criminal Investigation Services

• Internal Revenue Services

• Behavioral Analysis Unit