Exam (elaborations)
Taxes 1 Questions with Solutions
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Exam of 1 pages for the course taxes at taxes (Taxes 1)
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Taxes 1Which best describes the purpose of this document? - answer It shows how much a
person earned, and how much was withheld in taxes.
Sales tax is calculated by multiplying the price of an item by the . - answer tax rate
Social security and Medicare are - answer payroll taxes.
Most state and local income taxes are either . - answer progressive or flat
The 1040 form is used to collect - answer federal tax
Sales tax is calculated - answer using a percentage of the price of an item
Which explains a difference between income and taxable income? - answer Income is
what a person earns, while taxable income reflects deductions subtracted for relevant
expenses.
The document asks about dependents because the number can - answer lower overall
taxes.
Which best summarizes the purpose of a W-4 form? - answer It helps determine the
amount of taxes withheld from an individual's paycheck.
Which describes a type of tax that funds city programs? - answer local income tax
If a new shirt costs $34.99 and the sales tax is $2.10, the sales tax rate is - answer6
percent.
The chart shows that federal and state taxes are - answer withheld from employee pay.
A federal payroll tax that supports retired workers is - answer social security tax.
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