Taxes

12 October 2022
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17 test answers

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question
If a new shirt costs $34.99 and the sales tax is $2.10, the sales tax rate is
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6 percent
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The chart shows taxable income. Which explains a difference between income and taxable income?
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Income is what a person earns, while taxable income reflects deductions for various expenses.
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What types of information does a W-2 form contain? Check all that apply.
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how much has been earned how much has been withheld for taxes
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The document shows a personal allowances worksheet. The document asks about dependents because the number can
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lower overall taxes.
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Which are types of income tax that people pay? Check all that apply.
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federal local state
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In addition to federal income tax, many people also pay
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state income tax.
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Sales tax is calculated
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using a percentage of the price of an item.
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Most state and local income taxes are either ...
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progressive or flat
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Which describes a type of tax that funds city programs?
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local income tax
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Sales tax is calculated by multiplying the price of an item by the ....
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tax rate
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The document shows a 1040 form. The 1040 form is used to collect
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federal tax
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Property taxes are based on
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how much a property is worth
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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?
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$5,000
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The image shows a W-2 form. Which best describes the purpose of this document?
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It shows how much a person earned, and how much was withheld in taxes.
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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?
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$60
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The chart shows a sample paycheck stub. The chart shows that federal and state taxes are
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withheld from employee pay.
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A federal payroll tax that supports retired workers is
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social security tax