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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...

Who primarily uses our tax money? - correct answer The federal government, the state government 2. Our tax money is spent on all of the following EXCEPT: - correct answer private school education 3. Which of the followin...

government. Collected or withheld from one's paycheck. Payroll Tax - correct answer Federal and state taxes that all employers must pay, based on a percentage of the employee's salary. Mandatory Spending - correct answer ...

Only volunteers who prepare and review tax returns are required to complete the Volunteer Standards of Conduct Training and certification. - correct answer False Volunteers are generally held liable for the tax returns they prepare at VITA/TCE sites. - correct...

1. What are the pros and cons of each method for preparing your taxes? a. Old-fashioned paper filing: b. Tax preparation websites: c. Hiring a tax professional: - correct answer a.Pro: You are in control and doesn't cost anything Con: It's possible that...

Income Tax - correct answer Income Tax This is a tax levied on net personal or business income. Usually levied at a marginal tax rate which has different tax brackets depending on what level of income you produce. Businesses pay taxes on net income Gross incom...

What type of tax idea would this sentence be talking about ? People who have children should only be the ones who pay taxes that go to the schools in their area. - correct answer Benefits received principal What is it called when the govt takes your taxes ou...

Put the following items in the order in which they are found in the individual income tax formula. - correct answer 5. Equals taxable income 4. Minus from AGI deductions 3. Equals adjusted gross income 1. Gross income 2. Minus for AGI deductions The U.S. t...

Which best explains how contractionary policies can hamper economic growth? a. They increase consumer demand. b. They can increase inflation. c. They reduce taxes which raises deficits. d. They reduce disposable income. - correct answer d. They reduce dispo...

Taxation - correct answer is the act of laying a tax, the process or means by which the sovereign, through its law making body, raises income to defray the necessary expenses of the government. Lifeblood Theory - correct answer ...

Filing Status - correct answer Used to determine your filing requirements, standard deduction, eligibility for certain credits, and your correct tax: Single, Married Filing Joint, Married Filing Separate, Head of Household, Qualified Surviving Spouse, Non-Residen...

Fringe Benefit - correct answer ...any good, service, or other benefit furnished or granted by an employer, in cash or in kind, in addition to basic salaries, to an individual employee. Fringe Benefit Tax - correct answer ....

Gross income is... - correct answer Your taxable income BEFORE deductions. Why might it be DISADVANTAGEOUS to receive a large refund instead of a smaller one? - correct answer Receiving a large refund means you were OVERWIT...

relative consumption tax - correct answer business tax is a tax on the consumption of goods or services and is imposable only when the seller is a business indirect tax - correct answer the tax is collected from the seller ...