Taxes are mandatory amounts that you must pay to a local, state, or national government....
What is TRUE!
100
You buy a new pair of shoes from Hibbitt. The shoes costs $150. You pay $172 for the shoes. What kind of tax:
a. property b. excise c. sales d. miscellaneous.
What is C--sales tax?
100
NAME 2 THINGS THAT TAXES HELP SUPPORT---
What is PUBLIC LIBRARIES, HOSPITALS, POLICE, 911, ETC.
100
According to FoolProof, what is the amount you have to make before you pay taxes?
What is $9000.
200
The day that income tax returns have to be filed is APRIL 16TH!
What is FALSE--APRIL 15TH
200
You own a restaurant and made $300,500 this year. You pay $75,000 in taxes. Did you pay (a) sales tax (b) property tax (c) excise tax (d) income tax.--
What is C--excise tax?
200
You buy a small car for $25,000 and pay 8% sales tax; then you buy an SUV and pay $52,000 and pay 8% sales tax. If this a progressive tax?
What is NO!
200
Chloe made $40,000 the first year right out of college and paid 20% income tax. Four years later she made $120,000 and paid 22% income tax. Is this progressive or regressive taxes?
What is PROGRESSIVE?
200
What is an expense subtracted from your income BEFORE taxes are calculated?
What is a deduction?
300
Taxes help support our highway system.
What is TRUE!
300
You own property and at the end of the year have to pay taxes on it. If this (a) income tax (b) excise tax c) property tax d) sales tax.
What is C--property tax!
300
My twin sister and I bought identical cars for $32,000. I make $40,000 a year and she is a millionaire. We both pay 20% tax on the car.
What is progressive or regressive tax?
300
Who fills out a W-2?
What is your employer?
400
Even though I make more money every year, my tax rate will stay the same.
What is FALSE?
400
You made $42,500 this year. You have to pay tax on the money you made. Is it (a) excise tax (b) property tax (c) sales tax (d) income tax?
What is D--income tax?
400
In your own words, what is the "benefits received" principle?
What is "Only those who receive benefits should be taxed".
400
What is a "regressive tax"?
What is "A person making less than another person would actually be paying more in tax than a person making a higher income."
400
Who fills out your W-4?
What is You/
500
As long as you have all your things listed on a sheet of paper, you do not have to keep the receipts.
What is FALSE!
500
You own a sporting store and sold $250,000 worth of goods this year. You paid $35,000 in taxes at the end of the year.
a)excise tax b) income tax (c) property tax d). sales tax.
What is-- A excise tax?
500
In your own words, what is the "ability to pay" principle?
What is "People who can afford to pay more taxes should pay more taxes to help the people who cannot afford to pay the a lot."
500
What is a "progressive tax"?
What is "As your income goes up, the percentage tax you pay goes up."
500
What records are important to keep and why?
What is records on income and also expenditures or things that can be considered deductions!