College Personal Finance
The tax based on the total tax due divided by taxable income is called the
average tax rate
If Brenda wants to pay her fair share of taxes, no more and no less, she should practice
tax avoidance
average taxes formula
taxes paid/taxable income
All of the following can reduce your taxes today except investing in
a roth IRA
Peter filed his federal income taxes, but he needs to make a correction to his income. Which form should he use?
1040X
At the end of the year, Walter received a form that showed his payments from independent contracting. That form is called a
1099
When calculating federal income taxes, "gross income" includes all of the following except
Earned income credit.
Which of the following is NOT a tax that most people pay
Federal taxes on possessions
The tax that is a major source of revenue for local governments is called a(n)
Real estate property tax
The rate used to calculate the tax due on the next dollar of income is referred to as the
marginal tax rate
You may be required to make estimated tax payments if
You are an independent contractor.
Individuals can file their federal taxes using all of the following except
deliver in person
Which of the following is NOT an action that can reduce your taxes
taking out a consumer loan