AnswersCMS 2026-2027 Economics and Personal Finance CREDIT RECOVERYTaxes

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1
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Which describes a type of tax that funds city programs?

A
local income tax
B
federal income tax
C
medicare tax
D
progressive tax
2
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If a new shirt costs 34 point 9 9 dollars and the sales tax is 2 point 1 0 dollars , the sales tax rate is

A
2 percent.
B
8 percent.
C
4 percent.
D
6 percent.
3

Which are types of income tax that people pay? Choose three correct answers.

A
federal
B
state
C
flat
D
sales
E
progressive
F
local
4

Sales tax is calculated

A
as a percentage based on federal law.
B
using a percentage of the price of an item.
C
based on the number of items purchased.
D
before a sale discount is applied.
5

Property taxes are based on

A
where a property is located.
B
when a property was purchased.
C
how much a property is worth.
D
who lives on a property.
7

What types of information does a W-2 form contain? Choose two correct answers.

A
how much withheld tax will be refunded
B
how much has been earned
C
how much sales tax has been paid
D
how much property tax has been paid
E
how much has been withheld for taxes
F
how much additional tax is due
8

If Massachusetts has a sales tax of 6 percent and New Hampshire has no sales tax, how much money can be saved by buying a $1,000 television in New Hampshire?

A
$600
B
$6
C
$16
D
$60
9

Which best summarizes the purpose of a W-4 form?

A
It helps determine when taxes are due and if money is owed to the IRS.
B
It helps determine when a person needs to pay local income taxes.
C
It helps determine whether a person has dependents who must also pay taxes.
D
It helps determine the amount of taxes withheld from an individual’s paycheck.
10

If a home is valued at $250,000 and the property tax rate is 2 percent, how much will the owners pay in property taxes?

A
$500
B
$50,000
C
$50
D
$5,000

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