Answers LVA-Economics SPRINGIntroduction to Economics

Taxes Answers

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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?

$16

$60

$600

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The document shows a 1040 form.

state tax.

local tax.

federal tax.

sales tax.

The chart shows taxable income.

Income is what a person earns, while taxable income reflects deductions subtracted for relevant expenses.

Income is what a person earns, while taxable income reflects what is left after paying federal taxes.

Income is what a person earns, while taxable income reflects what is left after paying local and state taxes.

Income is what a person earns, while taxable income reflects what is received from the IRS in a tax refund.

In addition to federal income tax, many people also pay

corporate tax.

state income tax.

local medicare tax.

local social security tax.

What types of information does a W-2 form contain? Check all that apply.

how much has been earned

how much sales tax has been paid

how much has been withheld for taxes

how much property tax has been paid

how much additional tax is due

how much withheld tax will be refunded

[BLANK]

withholding amount

income tax

tax rate

Read the scenario.Jamal is passionate about education and believes that everyone should have access to quality learning opportunities. He decides to donate to a local nonprofit organization that provides scholarships to underprivileged students. During tax season, Jamal finds out that his charitable donations impacts his taxes.How does Jamal's charitable donation to the nonprofit organization impact his taxes?

The donation reduces Jamal's taxable income, lowering the total amount of owed taxes.

The donation does not affect Jamal's taxes at all, as it is not a tax-deductible contribution.

The donation increases Jamal's tax refund, as the organization provides him with a tax credit.

The donation results in Jamal owing more in taxes, as it is considered additional income.

The document shows a personal allowances worksheet.

affect who pays taxes.

increase overall taxes.

lower overall taxes.

affect when to pay taxes.

Property taxes are based on

where a property is located.

who lives on a property.

how much a property is worth.

when a property was purchased.

Social security and medicare are

progressive taxes.

payroll taxes.

local taxes.

corporate taxes.

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Taxes Answers

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