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Taxes — Quiz Answers

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1
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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
2
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Which best summarizes the purpose of a W-4 form?

A
It helps determine the amount of taxes withheld from an individual’s paycheck.
B
It helps determine whether a person has dependents who must also pay taxes.
C
It helps determine when a person needs to pay local income taxes.
D
It helps determine when taxes are due and if money is owed to the IRS.
3

Which describes a type of tax that funds city programs?

A
federal income tax
B
medicare tax
C
progressive tax
D
local income tax
4

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
8 percent.
B
2 percent.
C
6 percent.
D
4 percent.
5

Sales tax is calculated

A
using a percentage of the price of an item.
B
before a sale discount is applied.
C
as a percentage based on federal law.
D
based on the number of items purchased.
6

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

A
state
B
progressive
C
federal
D
sales
E
flat
F
local
7

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
C
$50,000
D
$5,000
8

Property taxes are based on

A
how much a property is worth.
B
where a property is located.
C
when a property was purchased.
D
who lives on a property.
9

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
$5,000
D
$50
10

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

A
federal
B
local
C
sales
D
state
E
flat
F
progressive
11

Sales tax is calculated

A
as a percentage based on federal law.
B
using a percentage of the price of an item.
C
before a sale discount is applied.
D
based on the number of items purchased.
12

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

A
how much has been earned
B
how much has been withheld for taxes
C
how much property tax has been paid
D
how much withheld tax will be refunded
E
how much additional tax is due
F
how much sales tax has been paid
13

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
8 percent.
B
6 percent.
C
4 percent.
D
2 percent.
14

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
$60
B
$16
C
$600
D
$6
15

Which describes a type of tax that funds city programs?

A
progressive tax
B
medicare tax
C
federal income tax
D
local income tax
16

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

A
It helps determine whether a person has dependents who must also pay taxes.
B
It helps determine when taxes are due and if money is owed to the IRS.
C
It helps determine when a person needs to pay local income taxes.
D
It helps determine the amount of taxes withheld from an individual’s paycheck.
17

Property taxes are based on

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

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