General
What are taxes?
Mandatory payments people make to governments
You purchase an item for $100.00 and the sales tax is 5%, how much do I owe?
$105.00
What is the sales tax rate in Maryland?
6%
Amount earned before deductions and tax credits (Name the term)
gross income
What is property tax?
A tax on property owned by a person
Institution that collects federal income taxes in the United States (Name the term)
IRS (Internal Revenue Service)
You purchase an item for $5.00 and the sales tax is 5%, how much do I owe?
$5.25
What is the sales tax in Delaware?
0%
People who make under $12,400 per year do not pay annual income tax. True or False?
True
Is it illegal to skip paying property taxes for a year?
Yes
What is an itemized deduction?
eligible expenses that individual taxpayers can claim on federal income tax returns that decrease their taxable income
An item costs $25.00 with a 7% sales tax, how much is the total cost?
$26.75
What is sales tax?
Specific amount of money added to goods
What is income tax?
A tax that is placed on how much income an individual makes.
Are property taxes due monthly or yearly?
Yearly
When is Tax Day?
April 15
An item costs $50.00 with a 8.5% sales tax, how much is the total cost?
$54.25
A store adds 2% to every purchase to cover credit card processing fees. Is this sales tax?
No
Can a donation to FBLA-PBL reduce your taxes? Why or why not?
Yes, they are a 501(c)(3) meaning donations are tax deductible
Does the federal government collect property tax?
No
Does FBLA need to file taxes? Why or why not?
No, they are a designated non-profit 501(c)(3)
There are 2 tax brackets, one between $0 and $12,000, and the other between $12,001 and $24,000. The first bracket is taxed at 2% and the second at 4%. If you make $24,000 how much tax do you owe? (Nearest whole dollar)
$720
Provide 2 examples of items that have sales tax in Howard County.
all goods except agricultural products and groceries
If I am self-employed, what is the minimum amount I have to make in a year to be required to file a tax return?
$400
If you rent an apartment, do you owe property tax? If not, who does?
No, it is the landlord’s responsibility