Taxes
If a new shirt costs $34.99 and the sales tax is $2.10, the sales tax rate is: 2 percent. 4 percent. 6 percent. 8 percent.
6 percent.
Sales tax is calculated: based on the number of items purchased. using a percentage of the price of an item. before a sale discount is applied. as a percentage based on federal law.
Using a percentage of the price of an item.
The chart shows a sample paycheck stub. The chart shows that federal and state taxes are: added to employee pay. withheld from employee pay. refunded in employee pay. filed through employee pay.
Withheld from employee pay.
The document shows a 1040 form. The 1040 form is used to collect: state tax. local tax. federal tax. sales tax.
Federal tax.
What types of information does a W-2 form contain? Check all that apply. how much has been earned how much sales tax has been paid how much has been withheld for taxes how much property tax has been paid how much additional tax is due how much withheld tax will be refunded
How much has been earned How much has been withheld for taxes
The chart shows taxable income. A 2-column table has 6 rows. The first column has entries Income, Deductions, Taxable income, taxes, tax credit, and taxes owed. The second column has entries 50,000, negative 8,950, 41,050, 7,090, negative 1,500, and 5,590. Which explains a difference between income and taxable income? Income is what a person earns, while taxable income reflects deductions subtracted for relevant expenses. Income is what a person earns, while taxable income reflects what is left after paying federal taxes. Income is what a person earns, while taxable income reflects what is left after paying local and state taxes. Income is what a person earns, while taxable income reflects what is received from the IRS in a tax refund.
Income is what a person earns, while taxable income reflects deductions subtracted for relevant expenses.
Which best summarizes the purpose of a W-4 form? It helps determine the amount of taxes withheld from an individual's paycheck. It helps determine when taxes are due and if money is owed to the IRS. It helps determine whether a person has dependents who must also pay taxes. It helps determine when a person needs to pay local income taxes.
It helps determine the amount of taxes withheld from an individual's paycheck.
The image shows a W-2 form. Which best describes the purpose of this document? It shows how much a person paid in taxes, and how much more is due. It shows how much a person earned, and how much was withheld in taxes. It shows how much a person earned, and how much tax is to be refunded. It shows how much a person paid in taxes, and whether they have a spouse.
It shows how much a person earned, and how much was withheld in taxes.
Which describes a type of tax that funds city programs? progressive tax federal income tax local income tax medicare tax
Local income tax
The document shows a personal allowances worksheet. The document asks about dependents because the number can: affect who pays taxes. increase overall taxes. lower overall taxes. affect when to pay taxes.
Lower overall taxes.
In addition to federal income tax, many people also pay: corporate tax. state income tax. local medicare tax. local social security tax.
State income tax.
Sales tax is calculated by multiplying the price of an item by the ___ ____.
Tax rate
The diagram shows revenue from federal income taxes. What does the diagram show about tax revenue? The most revenue comes from individual and payroll taxes. The least revenue comes from individual and corporate taxes. The most revenue comes from payroll and corporate taxes. The least revenue comes from payroll and other taxes.
The most revenue comes from individual and payroll taxes.
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? $50 $500 $5,000 $50,000
$5,000
If Massachusetts has a sales tax of 6 percent and New Hampshire has no sales tax, how much money can be saved by buying a $1,000 television in New Hampshire? $6 $16 $60 $600
$60
