1. Award: 10.00 points
Chapter 01 2025 Edition
The following are a series of tables that may be referred to in several questions throughout your
test. Please refer to these tables as needed or as directed.
2024 Tax Rate Schedules
Individuals
Schedule X-Single
If taxable income is over: But not over: The tax is:
$0 $ 11,600 10% of taxable income
$ 11,600 $ 47,150 $1,160 plus 12% of the excess over $11,600
$ 47,150 $ 100,525 $5,426 plus 22% of the excess over $47,150
$ 100,525 $ 191,950 $17,168.50 plus 24% of the excess over $100,525
$ 191,950 $ 243,725 $39,110.50 plus 32% of the excess over $191,950
$ 243,725 $ 609,350 $55,678.50 plus 35% of the excess over $243,725
$ 609,350 — $183,647.25 plus 37% of the excess over $609,350
Schedule Y-1-Married Filing Jointly or Qualifying Widow(er)
If taxable income is over: But not over: The tax is:
$0 $ 23,200 10% of taxable income
$ 23,200 $ 94,300 $2,320 plus 12% of the excess over $23,200
$ 94,300 $ 201,050 $10,852 plus 22% of the excess over $94,300
$ 201,050 $ 383,900 $34,337 plus 24% of the excess over $201,050
$ 383,900 $ 487,450 $78,221 plus 32% of the excess over $383,900
$ 487,450 $ 731,200 $111,357 plus 35% of the excess over $487,450
$ 731,200 — $196,669.50 plus 37% of the excess over $731,200
Schedule Z-Head of Household
If taxable income is over: But not over: The tax is:
$0 $ 16,550 10% of taxable income
$ 16,550 $ 63,100 $1,655 plus 12% of the excess over $16,550
$ 63,100 $ 100,500 $7,241 plus 22% of the excess over $63,100
$ 100,500 $ 191,950 $15,469 plus 24% of the excess over $100,500
$ 191,950 $ 243,700 $37,417 plus 32% of the excess over $191,950
$ 243,700 $ 609,350 $53,977 plus 35% of the excess over $243,700
$ 609,350 — $181,954.50 plus 37% of the excess over $609,350
Schedule Y-2-Married Filing Separately
If taxable income is over: But not over: The tax is:
$0 $ 11,600 10% of taxable income
$ 11,600 $ 47,150 $1,160 plus 12% of the excess over $11,600
$ 47,150 $ 100,525 $5,426 plus 22% of the excess over $47,150
$ 100,525 $ 191,950 $17,168.50 plus 24% of the excess over $100,525
$ 191,950 $ 243,725 $39,110.50 plus 32% of the excess over $191,950
$ 243,725 $ 365,600 $55,678.50 plus 35% of the excess over $243,725
$ 365,600 — $98,334.75 plus 37% of the excess over $365,600
, This question contains tables that students will need to reference in
certain questions in this chapter, and is intended for use with
TestBuilder/print-based tests only. If you are creating a Connect-
based test, you do not need to assign this question as the individual
questions on Connect will provide students with hyperlinks to the
corresponding tables.
2. Award: 10.00 points
Taxes influence many types of business decisions but generally do not influence personal
decisions.
True
False
References
True / False Difficulty: 1 Easy Learning Objective: 01-01 Demonstrate
how taxes influence basic business,
investment, personal, and political
decisions.
,3. Award: 10.00 points
Taxes influence business decisions such as where a business should locate or how a business
should be structured.
True
False
References
True / False Difficulty: 1 Easy Learning Objective: 01-01 Demonstrate
how taxes influence basic business,
investment, personal, and political
decisions.
4. Award: 10.00 points
Tax policy rarely plays an important part in presidential campaigns.
True
False
References
True / False Difficulty: 1 Easy Learning Objective: 01-01 Demonstrate
how taxes influence basic business,
investment, personal, and political
decisions.
, 5. Award: 10.00 points
Margaret recently received a parking ticket. This is a common example of a local tax.
True
False
References
True / False Difficulty: 1 Easy Learning Objective: 01-02 Discuss what
constitutes a tax and the general
objectives of taxation.
6. Award: 10.00 points
George recently paid $50 to renew his driver's license. The $50 payment is considered a tax.
True
False
A tax is a payment required by a government that is unrelated to any specific benefit or service
received by the government.
References
True / False Difficulty: 1 Easy Learning Objective: 01-02 Discuss what
constitutes a tax and the general
objectives of taxation.
