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unit 2 mod 4-5. Taxes Questions with Solutions
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unit 2 mod 4-5. Taxes
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unit 2 mod 4-5. TaxesThe act of purposely failing to pay taxes is known as:
withholding.
tax evasion.
a progressive system.
a tax penalty. - answer Tax evasion.
Why does an excise tax on gasoline exist? Check all that apply.
to make gasoline prices more competitive
to provide funding for healthcare services and education
to discourage travel by automobile by making gasoline more expensive
to fund highway repairs and other special projects
to discourage the use of alternative modes of transportation - answer To discourage
travel by automobile by making gasoline more expensive
To fund highway repairs and other special projects
At tax season, an individual who has withheld too little in taxes can expect:
prosecution by the IRS.
a heavy refund.
additional withholdings.
a large tax bill. - answerA large tax bill.
Which tax is used to support healthcare costs for retirees?
excise tax
Social Security tax
Medicare tax
progressive tax - answerMedicare tax
Income taxes are taxes that are paid on:
any financial gain.
purchased goods.
homes, land, or property.
special goods and activities. - answerAny financial gain.
If an individual overpays taxes throughout the year, then after filing taxes he or she will
receive:
, a deduction.
a refund.
additional withholdings.
earnings. - answerA refund.
Which statements about sales taxes are true? Check all that apply.
They are collected by state and local governments.
The tax rate changes from state to state and city to city.
Failure to pay sales tax can result in the government seizing the property.
The more something costs, the greater the dollar amount paid in sales tax.
Sales taxes are taxes on purchased goods. - answerThey are collected by state and
local governments.
The tax rate changes from state to state and city to city.
The more something costs, the greater the dollar amount paid in sales tax.
Sales taxes are taxes on purchased goods.
Property taxes are collected at the _____ level. - answerLocal
Revenue from property taxes is used to fund:
public schools and other services.
highway repairs and pollution controls.
Social Security and Medicare.
medical research and development. - answerPublic schools and other services.
Two years ago, Elena purchased a condo. She has made some improvements on it,
which increased the value of the property. Property tax in her community is 1.25%.
This table shows the value of Elena's condo over the last three years.
Value of property at purchase: $187,200
Value of property last year: $188,550
Value of property today: $190,000
What can she expect to pay in property tax this year?
$2,340.00
$2,356.88
$2,375.00
$2,382.88 - answer$2,375.00
This pie chart shows the sources of federal tax revenue.
What percentage of federal tax revenue comes out of individuals' paychecks?
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