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Income Taxes Certification Review Exam Questions With Multiple Choices. $12.99   Add to cart

Exam (elaborations)

Income Taxes Certification Review Exam Questions With Multiple Choices.

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  • Course
  • TAX.
  • Institution
  • TAX.

government. Collected or withheld from one's paycheck. Payroll Tax - correct answer Federal and state taxes that all employers must pay, based on a percentage of the employee's salary. Mandatory Spending - correct answer ...

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  • September 18, 2024
  • 1
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • TAX.
  • TAX.
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RealGrades
Income Taxes

government. Collected or withheld from one's paycheck.



Payroll Tax - correct answer Federal and state taxes that all employers must pay,
based on a percentage of the employee's salary.



Mandatory Spending - correct answer Spending by the federal government required
by previously existing laws.



Tax Brackets - correct answer the breakdown of income to determine income tax
percentages which must be paid



Tax Rate - correct answer Percentage at which taxes are paid on a dollar of income



Progressive Tax System - correct answer The higher a taxpayer's income, the higher
the tax rate.



Taxable Income - correct answer The amount of income that is used to calculate an
individual's or company's income tax due.



Standard Deduction - correct answer A dollar amount that a taxpayer must exceed
in income to be required to file a tax return.



W-2 - correct answer Reports an employee's annual wages and the amount of taxes
withheld from their pay.



Dependent - correct answer Over 50% of financial support provided by someone
else. Can be claimed on the supporter's tax return.

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