Tax Bracket Video Activity

What type of tax system does the United States have?

• Regressive tax system

• Progressive tax system

• Proportional tax system

• Flat tax system

What is the first dollar of taxable income always taxed at?

• 12%

• 10%

• 37%

• 22%

For a single filer, what is the standard deduction in 2024?

• $13,850

• $14,600

• $29,200

• $21,900

What is the tax bracket for income over $11,600 for a single filer?

• 37%

• 22%

• 12%

• 10%

How much can a married couple filing jointly contribute to their pre-tax 401K in 2024?

• $22,500

• $20,500

• $23,000

• $19,500

What is the effective tax rate for a single filer earning $100,000 in 2024?

• 16.21%

• 22%

• 12%

• 10%

What tax credit can be maximized by adjusting contributions from a Roth to a pre-tax retirement account?

• American Opportunity Credit

• Lifetime Learning Credit

• Earned Income Tax Credit

• Child Tax Credit

What is the new standard deduction for head of household filers in 2024?

• $29,200

• $21,900

• $14,600

• $16,550

How can understanding your tax brackets and deductions affect your IRS Form W4?

• It has no effect

• It can decrease your filing frequency

• It can increase your refund

• It can increase your paycheck

What is the purpose of adjusting your contributions to retirement accounts in relation to taxes?

• To minimize your retirement savings

• To maximize your tax refund

• To reduce your taxable income

• To avoid paying any taxes