Taxation Quiz

What is a personal property tax imposed on?

• The value of a person's property at the time of death

• The value of automobiles, boats, furniture, farm equipment, and livestock

• The value of property bequeathed by a deceased person

• The value of money or items given to individuals

What are the two main taxes on earnings mentioned in the text?

• Property tax and estate tax

• Social Security and income taxes

• Inheritance tax and gift tax

• Medicare and property tax

What is the Social Security tax rate for individuals with employer match?

• 6.20%

• 1.45%

• 12.40%

• 2.90%

A tax on the value of a person’s house is known as?

• Income tax

• Property tax

• Sales tax

• Excise tax

The additional charge for gasoline and hotels is an example of which type of tax?

• Income tax

• Property tax

• Sales tax

• Excise tax

The amount owed on property received from a deceased person is known as?

• Income tax

• Property tax

• Inheritance tax

• Excise tax

What percentage of wages is deducted for Social Security for employees?

• 6.20%

• 12.40%

• 1.45%

• 7.65%

Which type of income results from business activities in which you do not actively participate?

• Earned income

• Investment income

• Passive income

• Exempt income

Which type of income includes money received in the form of dividends, interest, or rent from investments?

• Earned income

• Investment income

• Passive income

• Exempt income

Which type of income is subject to both federal and state taxes?

• Tax-exempt income

• Tax-deferred income

• Earned income

• Lottery winnings