hw quiz 2

Itemized deductions are listed on schedule

A

You are preparing your own tax return; the least costly source for answering your questions would be

IRS 800 number

Which of the following state and local taxes are deductible on federal income taxes for those that itemize deductions

income taxes and property taxes

A [blank] would be most likely to have to pay estimated taxes

self-employed plumber

Ben and jack both earned $60,000 this year; ben (age 30) is married w/ 2 kids, and jack (age 68) is single w/ no dependents; which of the following is true regarding the amount of social security taxes they will pay

they will pay the same amount of social security taxes

A short-term capital gain would be taxed at the same rate as your salary

true

Dividends received from the stock you own will be taxable income

true

If you are eligible to receive a tax refund, you will have to file a tax return to get the refund

true

One's average tax rate is typically lower than one's marginal tax rate

true

The federal personal income tax is a progressive tax

true