AnswersOK-Personal Financial Literacy S1 – EDGNTY-83861 26-27Budgeting

Taxes Answers

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1
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Property taxes are based on

A
where a property is located.
B
who lives on a property.
C
how much a property is worth.
D
when a property was purchased.
2
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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
$50
B
$500
C
$5,000
D
$50,000
3

The chart shows taxable income.

Question illustration
A
Income is what a person earns, while taxable income reflects deductions subtracted for relevant expenses.
B
Income is what a person earns, while taxable income reflects what is left after paying federal taxes.
C
Income is what a person earns, while taxable income reflects what is left after paying local and state taxes.
D
Income is what a person earns, while taxable income reflects what is received from the IRS in a tax refund.
4

Social security and medicare are

A
progressive taxes.
B
payroll taxes.
C
local taxes.
D
corporate taxes.
5

Read the scenario.Sarah has always been passionate about environmental protection. She decides to volunteer her time and donate to a local organization dedicated to cleaning up parks and promoting recycling in her community. She feels a sense of fulfillment knowing that her efforts are contributing to a cleaner and healthier environment for future generations.What is the primary motivation behind Sarah's volunteer work and donations?

A
to spend more time outdoors in local parks
B
to gain recognition and status in her community
C
to earn tax credits for her charitable contributions
D
to fulfill a personal sense of environmental responsibility
6

Sales tax is calculated

A
based on the number of items purchased.
B
using a percentage of the price of an item.
C
before a sale discount is applied.
D
as a percentage based on federal law.
7

The document shows a 1040 form.

Question illustration
A
state tax.
B
local tax.
C
federal tax.
D
sales tax.
8

A federal payroll tax that supports retired workers is

A
progressive tax.
B
sales tax.
C
corporate tax.
D
social security tax.
9

If a new shirt costs $34.99 and the sales tax is $2.10, the sales tax rate is

A
2 percent.
B
4 percent.
C
6 percent.
D
8 percent.
10

The document shows a personal allowances worksheet.

Question illustration
A
affect who pays taxes.
B
increase overall taxes.
C
lower overall taxes.
D
affect when to pay taxes.

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