AnswersFL-1700380-Career Research and Decision MakingPaying Taxes

Paying Taxes Answers

0 verified answers2 views
1
Free Preview

Marco makes $65,000 a year as a graphic designer. He makes a charitable donation of $1,000 each year. He also has $5,000 of business-related expenses, including travel and materials.What is Marco’s taxable income?

A
$71,000
B
$65,000
C
$64,000
D
$59,000
2
Free Preview

Davis’s net paycheck is $2,920.50.Type of TaxAmountFederal$945.00State$225.00Medicare$65.25Social Security$344.25

A
$2,920.50
B
$2,985.75
C
$4,090.50
D
$4,500.00
3

How is gross income different from net income?

A
Gross income and net income include all the money you have made.
B
Gross income and net income are the same, except net income is only reported on tax forms.
C
Gross income is how much money you want to make, while net income is your taxable income.
D
Gross income is how much money you make, while net income is your gross income minus deductions.
4

[BLANK]

A
neighborhood
B
local
C
state
D
federal
5

Why does an excise tax on gasoline exist? Check all that apply.

A
to make gasoline prices more competitive
B
to provide funding for healthcare services and education
C
to discourage travel by automobile by making gasoline more expensive
D
to fund highway repairs and other special projects
E
to discourage the use of alternative modes of transportation
6

This table shows the prices of various car models. Car Price2-door coupe$21,7504-door hatchback$22,500Compact sedan$23,000Compact SUV$23,400Dean is ready to buy a new car. He has $24,000 to spend. The sales tax where he lives is 6%. He put his research on car prices in this table.

A
2-door coupe
B
4-door hatchback
C
compact sedan
D
compact SUV
7

Revenue from property taxes is used to fund

A
public schools and other services.
B
highway repairs and pollution controls.
C
Social Security and Medicare.
D
medical research and development.
8

A federal income tax exists to provide revenue for

A
schools and other services.
B
state governments.
C
local governments.
D
the US government.
9

Which statements about payroll taxes are true? Check all that apply.

A
Education and infrastructure receive a portion of the funds from payroll taxes.
B
Everyone pays the same percentage, regardless of income.
C
Payroll taxes are progressive based on income.
D
Payroll taxes support Social Security and Medicare.
E
Employers pay a set percentage of payroll taxes.
10

Which tax is used to support healthcare costs for retirees?

A
excise tax
B
Social Security tax
C
Medicare tax
D
progressive tax

Did you find these answers helpful?

More from this Course

Quiz
10 verified answers

Paying Taxes

Quiz
10 verified answers

Paying Taxes

Quiz
12 verified answers

Writing Workshop: Effective Professional Communication