QUIZ: Ch. 6.1 - 6.2 (Math for Finance)

Match the following

• Internal Revenue Service (IRS)

• A limitation on a set of outcomes

• Taxable Income

• The amount of money that you're taxed after all of the adjustments and deductions are factored in

• Constraint

• A government agency that collects federal taxes

• Income Tax

• A percentage that's paid to the government on products or services that are sold

• Sales Tax

• Taxes you pay to the government and are based on the amount of money that you earn

Match the following

• Single

• Filing status for married taxpayers who choose to file together as one

• Married Filing Separately

• Filing status for unmarried taxpayers and only support themselves financially

• Head of Household

• Filing status for a taxpayer who has lost their spouse

• Qualifying Widower

• Filing status for married taxpayers who choose to file individually, as opposed to filing it together

• Married Filing Jointly

• Filing status for unmarried taxpayers who support other people besides themselves and their children

[Ch. 6.1 Notes, Question #1] Aside from education and law enforcement / EMS, what other item below is NOT supported from taxes?

• Military

• Space Programs

• Health Research

• Architectural Design

[Ch. 6.1 Notes, Question #2] Which of the following ways can the government collect taxes in the United States? Select ALL that apply:

• Property Tax

• Sales Tax

• Cow Flatulence Tax

• Income Tax

• Google Tax

[Ch. 6.1 Notes, Question #4] Which federal agency collects and tracks your taxes for the U.S. government? (3-Letter Acronym)

[Ch. 6.1 Notes, Question #6] When filing your federal taxes, what is the lowest tax bracket (%) you can be placed in while living and working in the United States?

If you're filing Single and earn $47,150 for the year, what bracket (%) will you be placed in? Look at the heading The Tax Is to see the (%) values.

If you're filing Single and earn $134,750 for the year, how much will you owe in taxes?

According to the table, if you have to pay $9,936 in taxes, what was your total income for the year?

Match the following

• Progressive Tax System

• A tax that decreases as income increases

• Regressive Tax Schedule

• One of several categories, each section of a tax schedule has an increasing percentage that you owe to the government as you earn a higher income

• Flat Tax

• A tax that increases incrementally as income increases

• Tax Bracket

• A tax that is the same percentage rate for everyone