Exam (elaborations)
Module 4. Taxes Questions and Answers 2024
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Exam of 5 pages for the course taxes at taxes (Module 4. Taxes)
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Module 4. TaxesWhich item includes a tax in the price of the good?
a. Video Game
b. Gasoline
c. Food at a restaurant
d. A new car - answerb. Gasoline
Which tax system has a negative effect on low-income individuals?
a. Sales
b. Regressive
c. Excise
d. Progressive - answerb. Regressive
What information do you need to complete your federal income tax return form?
a. W-2 from each employer
b. Copies of your paychecks
c. Social Security forms
d. W-4 from each employer - answera. W-2 from each employer
Where does the largest amount of Federal tax revenue come from?
a. Federal income tax
b. Sales tax
c. Corporate taxes
d. Property tax - answera. Federal income tax
, Which of the following payroll deductions may NOT be taken out of every person's
paycheck?
a. Federal and state taxes
b. Social Security
c. Retirement
d. Medicare - answerc. Retirement
What is medicare?
a. Tax imposed on individuals for buying clothes
b. Tax imposed by the federal insurance contributions act and collected on employee
earnings to provide retirement and disability benefits
c. Helps provide for health insurance for certain health care expenses for people aged
65 or older
d. There is no such thing as FICA tax - answerc. Helps provide for health insurance for
certain health care expenses for people aged 65 or older
Money that your employer holds from your paycheck in order to pay the government
taxes is called ___________.
a. Dependent
b. Exempt
c. Tax withholding
d. Income - answerc. Tax withholding
What is sales tax?
a. Total tax on all goods and services
b. Tax on items over a certain dollar amount
c. Unit tax on goods and services
d. Percentage tax on the sales price of many goods - answerd. Percentage tax on the
sales price of many goods
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