QUEST - F24 - CR - Getting Paid and Paying Taxes

If you are single, your gross pay is $24,400 and your only deduction is the Standard Deduction, what is your taxable income?

• $0
• $11,000
• $12,000
• $24,400

If you are married and your itemized deductions are $20,000, you should use the _______ deduction(s) on your tax return.

• standard
• itemized
• neither of these
• both of these

If you buy stock and then sell it 2 years later for more than you paid for it, the money that you make when you sell it is called _____ .

• Long-term capital gain
• Short-term capital gain
• Both of these
• Neither of these

If you work flipping burgers at Burger King, the money you are paid for working is called _____ .

• Ordinary income
• Capital gain
• Both of these
• Neither of these

Tax rates on short-term capital gain are ____ taxes on ordinary income.

• Higher than
• Lower than
• the same as

If your employer matches the money that you put it into a Roth, you will pay income taxes on the employer's contributions:

• When you get your paycheck
• When you retire and take money out of your retirement account
• Neither of these
• Both of these

If your employer matches the money that you put it into a 401(k), you will pay income taxes on the employer's contributions:

• When you get your paycheck
• When you retire and take money out of your retirement account
• Neither of these
• Both of these

Which of these is based on how many employees that the employer lays off?

• Social Security
• State Income Taxes
• Federal Income Taxes
• Unemployment insurance
• Workers' Compensation

If you are married, the Standard Deduction is

• $0
• $12,400
• $24,800

Which TWO of these will you pay personal property tax on:

• Food
• Car
• Motorcycle
• Gasoline
• House