Tax Basics Certification Review Exam Questions And Answers Verified Solutions.
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Course
TAX.
Institution
TAX.
Many communities today are concerned with their local government's ability to appropriately manage the taxes it collects. If a government spends more money on expenditures than it collects in taxes, it may end up with not enough money, called deficit. Which of the following could result in a county...
Many communities today are concerned with their local government's ability to appropriately manage
the taxes it collects. If a government spends more money on expenditures than it collects in taxes, it
may end up with not enough money, called deficit. Which of the following could result in a county
government budget in deficit?
a.
The government raises sales and property taxes without adjusting expenditures.
b.
The county closes a fire station, reducing expenditures, without adjusting taxes.
c.
The county gives all public school teachers a $2,000 raise without adjusting taxes.
d.
The county collects donations to build a fountain in city hall. - correct answer C
Ralph's current annual income is $32,000. Using the graph shown below, Ralph has calculated that he
will have to pay a total of $9,280 in federal taxes this year. Which of the following statements is true?
a.
Ralph's calculation is too high, he has only calculated state taxes.
b.
Ralph's calculation is too high, his calculation includes state taxes.
c.
Ralph's calculation is correct, he will have to pay $9,280 in federal taxes this year.
d.
Ralph's calculation is too low, he did not include medical care in his calculation. - correct answer
C
Oscar has elected to have 23% of his federal income tax withheld as state income tax. If $154.00 was
withheld as federal income tax on his last paycheck, how much will be withheld from his paycheck for
income tax in all?
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